Bankruptcy & Inheritance

Goldilocks2

Hi

I was discharged after 6 month from my bankruptcy in January this year after going down the minimal asset process .  

My mum is elderly and with all this virus saga she wants to sort her finances just incase she catches it 😟.  She wants to give me my inheritance sooner rather than later but I am not sure how this would work as I read that

“any assets you acquire during the four year period from your bankruptcy award date might be of interest to your trustee”

Would that mean I have to pay all the money I owed back ? 

can anybody help

thanks

mwarby

Sounds like your in Scotland is that right ?

In England it would only be in the first year, but that sounds different in Scotland 

The inheritance would be used to repay the debts and insolvency costs. Depending on the amount it’s possible that there will be some left over which would be returned to you

Its sometimes possible to buy out the official receivers interest, which is basically a full and final settlement of the bankruptcy. Your mum would need to be careful that any money given for that purpose is given correctly (I believe it has to be offered to trustee in basis it’s only available for the given purpose, given the amounts involved it would be wise to get professional advice)

another option might be to wrap the money in some form of trust such that you get it only once you are free from bankruptcy, again this needs proper professional advice(probably a solicitor). 

Goldilocks2

Yes I am in Scotland where your discharged after 6 month via MAP.
It is all confusing as when I looked into it it reads “any assets you obtain after you've been discharged are safe”  . 

mwarby

I would contact a debt advice charity serving Scotland, if you haven’t just to be sure

its also very possible that the executor (when the time comes, which hopefully is a while off ) will need to contact your trustee to make sure funds can be released to you