question category: Bankruptcy

Inheritance and bankruptcy

Submitted on: 9th Dec 2008 by Non-Member | Total Answers: 2

I have been made bankrupt and am expecting an inheritance from a family member that may die soon. Can I keep the inheritance?

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Inheritance, bankruptcy, Wills

Any property that comes to you after you have been made bankrupt can be seized by your trustee. This will remain that way until you are discharged. The only income you can keep is that necessary to fund reasonable living expenses.

If you think you may be the recipient of an inheritance then get them to change their Will as soon as you can. Don't rely on relatives outliving your bankruptcy. Talk to them, explain your situation and find a way around it. Perhaps it goes to another relative and eventually comes to you when you are free from your obligations under bankruptcy law.

Submitted on: 9th Dec 2008 by TA Member

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Re: Inheritance and bankruptcy

You would have to list on your bankruptcy any sum that you know you are due to receive, or inform the OR as soon as you know you are due to receive it.

Anyway all that is irrelevant - I agree you should get any relevant wills changed during the term of your bankruptcy!

Submitted on: 13th Aug 2009 by Darren Member

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