My Dads Death

~Fleur~ · 29 April 2013 at 11:50PM

Hello Everyone,

I am in a complete fluster and flap. It's been a while since I visited you all.
I declared myself BR in dec 2011 and was AD in dec 2012.
You never ever know where life is going to take you- and from all my hospital visits regarding my knackered leg I met a lovely man in the waiting room and we got married in oct 2012...
My dear father died of a aortic Aneurism in nov 2012.
My mum has decided to sell their home and move to a retirement apartment but told me that me and my sister are in dads will as tenants in common, so as she is selling it we will have a fair bit of money.
I didn't know I was going to get this money and I realise that my poor dad died during my bankruptcy.
My debt in bankruptcy was £27,000 .
My half share of monies is likely to be £150,000.
I am very worried as I declared on my initial forms that I was not due for inheritance but I had no idea that I was in a will.
I am paying an IPA what will happen with this?
Thank you x

P

22bear · 30 April 2013 at 12:13AM

hi Fleur

Sorry to hear of your dad's passing...I'm presently filling out my forms for my BK this Thursday and I also ticked NO to that question too however my dad is 85, in not bad health but he's not going to live forever and his chances of living for the 3 years of my IPA must surely be at least in some doubt

Now I know he has some financial assets but I have never asked him about what he has put in his will and I never would..it's none of my business I think so I was quite comfortable in answering NO to that question because I simply don't know if I am in his will...however if he does pass during my IPA and it transpires that I am a beneficiary, then of course I will inform the OR and I can't see any problem with this, after all, I'm sure that a lot of inheritances are completely unexpected...but of course I would expect that the OR will want to take any proceeds that I get to distribute to my creditors while I am in the 3 year IPA

if you are still under an IPA you do need to tell the OR about your inheritance but from what you say, you will still be left with a considerable sum and it sounds like your BK and IPA will be annulled/cancelled if the sum left to you will pay your original creditors in full

PippaGirl_2 · 30 April 2013 at 6:50AM

Fleur, technically any inheritance you would be legally entitled to by a death occuring in your BR you must declare to the OR who could place a claim on it. However as I read what you have written, correct me if I am wrong - the house was left to your Mum and your share is only yours once she decides to sell it? Who is on the deeds of the property? If your inheritance is only due to you once your Mum sells I wonder if this is different. I think we need an expert along to say for sure.

An IPA won't be interested in an inheritance in itself and can't place a claim on it in itself, but they could place a claim on any interest it accrues as an IPA is based on monthly income only rather than assets unlike while you are an undischarged BR.

And saying on a form you are not expecting an inheritance while someone is alive is not a crime however old they are.

So the question here is whether the house being left to you happened on the death of your father, or when your mother decided to sell it, and whether that makes a difference to whether this needs to be declared to the OR.

Sorry for your loss though, tough times.

My Dads Death

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