Bankruptcy and Inheritance

debtinfo

I'm not sure i get the picture, or what you are trying to say

Stuart0013

The Trustee or OR will have an interest in Great Aunts property so you have the following three options:

1) You personally can pay the costs and liabilities of the bankruptcy in full and then, if you feel like it, have the bankruptcy annulled.

This is probably the cheapest option (to pay all the costs in full) as you will not have to pay Secretary of State fee and there are none of the costs associated with a forced/voluntary sale.

Unless you feel honour bound or obliged for some reason to pay the bankruptcy in full, this is only worth doing if the equity in the property is greater than the total costs and liabilities of the bankruptcy.

2) You could purchase the trustees/or interest in the property. Pretty simple: if there is equity of X, offer X - £3/5k. (the reason I state that you should offer less than the actual value is because there are significant costs associated with selling a property and the trustee/or will account for this when considering an offer).

3) Agree to sell the property with consent of the trustee/or, or do nothing and wait for the trustee/or to take possession and sell it.


This is meant to be a general guide to your options and should not be taken as gospel. There are a magnitude of subtle differences that potential make the above irrelevant/wrong and you should therefore seek proper comprehensive legal advice.