Inherit house whilst bankrupt

shell18

What happens if you inherit a house whilst bankrupt? Mortgage paid off £320k mortgage outstanding £155k. Bankruptcy debt around £45k. Any advice would be appreciated please. Please no judgement I either go bankrupt or end my life it's as simple as that. I can't deal with this anymore.

marcia_

shell18 said:

What happens if you inherit a house whilst bankrupt? Mortgage paid off £320k mortgage outstanding £155k. Bankruptcy debt around £45k. Any advice would be appreciated please. Please no judgement I either go bankrupt or end my life it's as simple as that. I can't deal with this anymore.

 Lots of people will be along with sound advice shortly but in the mean time look at these websites to get support on advice and support that may help with your stress and suicidal thoughts. 

https://nationaldebtline.org/get-help/call/

https://www.samaritans.org/how-we-can-help/if-youre-having-difficult-time/

Keep_pedalling

From your other thread you are the sole beneficiary of the estate so after you sell the house and have paid off the mortgage you will be left with around £310k (assuming the house is the only asset) which is enough to clear your debt and have £260k to start over with, so there should be no need to go bankrupt.

Your other thread also said that you are the executor, if you are struggling with the probate process go over to the deaths, funerals and probate board for help, try to avoid using solicitors they will just cause you expense and slow everything down. 

molerat

This is one of those every cloud has a silver lining situations.  Your sad loss has given you the opportunity to start again and get rid of the debt which will hopefully help both your financial and mental health.  Grasp this opportunity and look forward to better things.  And as above, there are many on the funerals etc board who will help with pointing you in the right direction administering the estate.

shell18

molerat said:

This is one of those every cloud has a silver lining situations.  Your sad loss has given you the opportunity to start again and get rid of the debt which will hopefully help both your financial and mental health.  Grasp this opportunity and look forward to better things.  And as above, there are many on the funerals etc board who will help with pointing you in the right direction administering the estate.

My relative has not passed yet but they only have a few months

sourcrates

I tend to agree with the posters above, you have, or will have soon, some serious assets, you would be ill-advised to go bankrupt at this stage, your other post suggests there is a debt for 17k to HMRC, what stage has that reached now? 
Do you have other debts?

It may be a knee jerk reaction to think bankruptcy is your only choice, I know HMRC can be demanding, but generally the debt collection process is quite slow, and there are various stages to go through before they can make you bankrupt.

Are they (HMRC) aware of your potential inheritance?

I note that you did not return to your previous thread, and I guess that is understandable, but if you want answers to your situation, which by posting here you obviously do, the more information you can give us the better advice we can give you.