We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inheritance
saulhudson
Posts: 47 Forumite
Friend of mine who has come out of Bankruptcy recently, he was made bankrupt in 2008 is full of questions one of which is...'in the event of any inheritance am I to declare this to the relevant people?'
0
Comments
-
Providing he is discharged from bankruptcy
AND
The cause of the inheritance didn't occur DURING the period of bankruptcy (from date of bankruptcy to discharge date)
then
No he doesn't have to tell anyone
EXCEPT
If there is an IPA/O in place and the inheritance is so big that he intends to live of the inheritance instead of working (in full or part). He would then need to declare it as income to the administrator of the IPA (normally Moonbeaver)
TimI Also Post On Other Forums
My advice is guidance only, if you want the law then consult a lawyerPlease note that I DO NOT give advice by Private Message, this is to protect both you and me. However you can draw my attention to a particular topic by PM0 -
Providing he is discharged from bankruptcy
AND
The cause of the inheritance didn't occur DURING the period of bankruptcy (from date of bankruptcy to discharge date)
then
No he doesn't have to tell anyone
EXCEPT
If there is an IPA/O in place and the inheritance is so big that he intends to live of the inheritance instead of working (in full or part). He would then need to declare it as income to the administrator of the IPA (normally Moonbeaver)
Tim
What is an IPA/O please?0 -
Income Payment Agreement or Income Payment Order.
This is a monthly payment made by the bankrupt if there is sufficient funds left over from their income after legitimate expenses. It last 36 months.
If he has not mentioned having this then he probably hasn't got one (a lot of people haven't)
TimI Also Post On Other Forums
My advice is guidance only, if you want the law then consult a lawyerPlease note that I DO NOT give advice by Private Message, this is to protect both you and me. However you can draw my attention to a particular topic by PM0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards