i dont know what to do

lisamummytoarchieplusbump

hello and thanks for reading im driving myself mad looking for info on what to do

right let me explain incase some people havent heard my situation.

i went BR over 7k worth of debts

my mum died a few weeks ago but didnt leave a will so has to go to probate. the only asset she had was her house which is in equity and just a normal 3 bed house

my mum and dad are still married even though been seperated for 9yrs so according to probate rules the first 125k goes to him and anything after that gets split between siblings.(they had an agreement that my dad would not officialy benefit from it and would just look after it)

so my dilema is everything ive red doesnt really give to much info on figures so cant judge whats the best to do.

i have 2 options

1. i could annull my bankruptcy.

all it says about it is that the OR will take fees and obviously BR debt plus maybe interest. i have been looking on the net and only found 1 bit of info from another site saying it was around £1700 on top. but if anyone knows if this is more or not. i know i will have to get the creditors to agree to a full payment and hope they dont ask for interest

2. i could just let the OR take the share and hope that they will wait a few years before its sold to claim.

the thing with this one is my sister lives there with her bloke and kids so dont want them to be kicked out because of my mistakes

would they let me annull if im due a inheritence?????

me and my sister are going to see a solicitor tomorrow to talk about what exactly is involved with probate but would just like abit more info just incase they advise me wrong

sorry for long post

thanks lisa xxx

dalip

I really don't think the OR can touch it. If for instance someone buys you a car worth 10k as a present, after bc, you don't tell the OR do you?. How many times have we seen that eaxct question asked.And been told it is ok.

As we have already said. If your mum died before you were declared bc then the OR would have had an interest,as it is after then it is no concern of theirs.

The OR's costs are about £1,800.

I have PM you:D

quietishone

I think you have the correct information already Liza. An inheritence under a will is an acquired asset and the OR has an interest in it. there are ways of putting such assets into trusts but they have to be set up before the inheritence.

To quote from the government insolvency website -

xi Can the trustee claim property due under a will?
The trustee can claim an interest under a will which devolves upon the bankrupt before discharge. This means that if the author of the will (the testator) dies during the period prior to discharge of the bankrupt, the trustee can generally claim property bequeathed to the bankrupt under the provisions of section 307.
However, if the will sets up a protective trust the trustee will not be able to claim any property covered by the trust for the bankrupt’s estate. A protective trust usually gives an individual a limited right over something and allows them to use it without giving the right to sell the item in question. It is most commonly used in relation to freehold or leasehold property and allows the beneficiary under the will to live in the property, usually for life, without allowing them the right of sale. Legal advice may be needed to decide whether a protective trust has been created or not.
In all cases, notice of the bankruptcy order (NORD1) must be given to the trustees/executors of the will as soon as possible. If the official receiver becomes trustee a second notice should also be sent in duplicate, with the trustees of the will being asked to return one copy receipted for the file (form NEXE).
Notwithstanding the bankruptcy order, a bankrupt retains his/her right to challenge the provisions of a will under The Inheritance (Provision for Family and Dependants) Act 1975 and the trustee plays no part in such proceedings.
The source can be found here-


http://www.insolvency.gov.uk/freedomofinformation/technical/casehelpmanual/A/AfterAcquiredProperty.htm

lisamummytoarchieplusbump

thansk dalip ive done what you asked.

i just feel in such a state at the moment i couldnt get to sleep till about 3o/c this morning and my buba wakes me up about 6o/c.

im hoping seen as my dad has the majority share and my sister has more rights as she has lived there for over 9yrs and my debts are small in comparison to others that either the OR doesnt force a sale.

right dalip is that £1800 the price on top if i annull my BR or thats how much on top of my debt they would take form the inheritence.?????? this is the amount im trying to find out as to see which way is better to go. i know i would have to pay either way and have no problems with that i would just like to be able to see abit of the money.

as if it does come to it i would have to go to ask a family member for the money to annull the 7k plus fees.

also i dont know the ins and outs of probate. its like BR guidlines everything is MAY and MIGHT.

its all such a mess my mum only found out 6months before she died that she had cancer and was told that she would be fine that the chemo would work. its feels such a mess when she died i had only been BR 1 month so just feel that i should have waited a while but then i could have waited months and nothing happend.

my mums funeral was only on thursday. i had to get my kids dad to collect the kids over the weekend as i just couldnt cope with them and im still struggling now just feel so overwelmed, my mum dying is hitting me now as we are having to sort everything out.

thanks lisa xx

k2nga

Lisa,

Sorry to hear about your troubles and although i dont have anything in the way of advice to offer i wish you all the best in getting everything sorted.

philnicandamy

what about a fast track IVA? through your receiver

http://www.insolvency.gov.uk/guidanceleaflets/ftva/ftva.htm

fermi

The £1,700 - 1,800 is the most basic admin fee.

If there are any asserts (like this house) or funds to deal with then they go up steeply from there. Especially if an external trustee becomes involved.

Plus there is a 17% Secretary of state fee on all receipts into the estate above £2,000 I think.

Very hard to put figures on it.

philnicandamy

I cant remember where but some time ago I saw a similar case & the fees were nearer £3,000

each case is different though and as fermi said you cant put a price on....

lisamummytoarchieplusbump

thanks phil i think i may look into a FTVA as that sounds like my best option. as i spoke to debt people today and they said they could take anything from 18k upwards to all of it so i think if its 7k br debt plus 3k fees then thats better than being left with none.

going to see a solicitor now so will let you know what they say

thanks lisa

redfraggle76

just wanted to say so sorry about your mum, i hope it all goes well with the solicitor xx

lisamummytoarchieplusbump

hi just got back from the solicitor and my name doesnt have to be mentioned anywhere on the probate that basicly it will go to my sister and my dad and i just have to trust them. which is what i wanted. and my dad just writes a will

that is so much of a relief as i spoke to cccs bankruptcy line today and he said they would most probably force a sale if the probate gets finished before my discharge date but anything over that i dont have to disclose.

thanks for all the advice

lisa