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Inheritance whilst bankrupt
Iansellers
Posts: 49
Forumite
Hi,
This is a hypothetical question but one I feel I need to know the answer to before potentially filing for bankruptcy.
If someone is bankrupt and then has inheritance come to them in the next 6 year period, does that inheritance pass down to them without any problems or does that inheritance have to go and pay off all the bankruptcy debt?
Thanks in advance for any answers.
This is a hypothetical question but one I feel I need to know the answer to before potentially filing for bankruptcy.
If someone is bankrupt and then has inheritance come to them in the next 6 year period, does that inheritance pass down to them without any problems or does that inheritance have to go and pay off all the bankruptcy debt?
Thanks in advance for any answers.
0
Comments
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Its my understanding you can keep any inheritance you receive if the person who leaves you the money dies after you are discharged.
If this occurs before discharge, within the first 12 months, then the money must go to the OR.
Once you are discharged, you are freed from any bankruptcy restrictions.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Many thanks for the information.sourcrates said:Its my understanding you can keep any inheritance you receive if the person who leaves you the money dies after you are discharged.
If this occurs before discharge, within the first 12 months, then the money must go to the OR.
Once you are discharged, you are freed from any bankruptcy restrictions.0 -
I can confirm the above - during the bankruptcy period - it would go to the OR - and once discharged, it would be yours to keep.
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Appreciate that, thank you.cymruchris said:I can confirm the above - during the bankruptcy period - it would go to the OR - and once discharged, it would be yours to keep.0
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