| T O P I C R E V I E W |
| tracy_b |
Posted - 23 November 2008 : 13:41:13
Hi ,
Both hubby and i have elderly parents. We both went BR in Oct this year. We have been told that we will get a BRO/BRU ( for using 2.5K savings to pay for BR, buying Hoover and other odds instad of paying creditors )but havent got details yet. If say we got one for 3 years each, does that mean any inheritance will have to go to the OR eventhough after a year we will be discharged from BR. Any help gratefully appreciated.
Thanks
Tracy XX |
| 15 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 04 December 2008 : 15:43:44
Hi all,
I have sought guidance and have a definitive answer!
Skippy is correct - you are deemed to inherit as soon as the person dies period!!! (no grey area here after all I’m afraid).
Apologies for my confused state!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| JulianDonnelly |
Posted - 04 December 2008 : 14:41:07
Hi Skippy,
Thanks for the heads-up. I have a feeling however that this is yet another huge grey area in BR that is open to interpretation and negotiation with the OR. For instance, what if there was no will (ie. the deceased dies intestate), or the will is contested?
I'll seek further guidance on this one!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Skippy |
Posted - 04 December 2008 : 14:23:19
Hi Julian, I've found this post from the IVA forum:
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=6761&SearchTerms=inheritance,bankrupt,discharge
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| JulianDonnelly |
Posted - 04 December 2008 : 14:08:27
Hi Skippy,
My understanding is that you inherit only once the will has been read and actioned.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Skippy |
Posted - 24 November 2008 : 15:19:45
Can I just clarify that the time that you inherit is when the person dies, not when you receive the inheritance.
My mum spoke about changing her will when I was BR (but didn't bother in the end) and I wouldn't have informed the OR. Maybe that's wrong, but what my mum (or anyone else) chooses to do with their money/belongings/property is down to them and nothing to do with the OR.
Regarding after acquired assets, please can someone confirm how long after discharge an inheritance would be classed as such?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| tracy_b |
Posted - 24 November 2008 : 15:18:10
Hi ,
Thanks PIX for your reply, at least we only have to make the oldies last another 11 months...LOL. No offence meant to anyone!
Take care
TracyXX |
| pix1 |
Posted - 24 November 2008 : 14:52:44
tracy_b,
I believe that anything you and your husband might inherit in a will AFTER your discharge will be what is called an After Acquired Asset, meaning you got it post-discharge from BR. If, however, you inherited whilst still undischarged this would form part of the BR estate and would go to the OR to be used to pay off the costs of the bankruptcy and creditors in that order. Anything left over would go to you and your husband. the affect it would have on you depends on the size of the inheritance and the size of the debts in your bankruptcy. Having a bru or bro should NOT affect anything your inherit. All that matters is whether you are discharged or not when you inherit. By the way, if any will was changed during undischarged BR it may be the OR is meant to be informed. I don't know for sure, though. |
| Reviva UK |
Posted - 24 November 2008 : 08:41:13
Always a good time to get your house in order before the day.
it is a guarantee that it will be too late afterwards
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| RHB |
Posted - 24 November 2008 : 07:52:58
Your siblings could buy your share though presumably? |
| dazed and confused |
Posted - 23 November 2008 : 19:19:21
quote:
Originally posted by Skippy13
The OR only has a claim if you inherit prior to your discharge, even if you get an IPA or BRU. However, if someone dies whilst you are BR and you don't receive the inheritance until after discharge this would still have to be handed over to the OR.
Dazed and Confused, as far as I'm aware the OR would be able to force a sale to release your share of the equity.
Hi!
Thanks also for the replies!
I am slightly worried about this now - would it be worth me getting my name removed from my parents' wills? I would hate for, worst case scaenario again, anything to happen and for their houses to be sold due to me being BR. |
| tracy_b |
Posted - 23 November 2008 : 19:16:14
Hi Jo,
Will do, but not expecting to hear for ages.....I think they may be a bit busy LOL
Tracy XX |
| Needafriend |
Posted - 23 November 2008 : 19:04:09
Hi Tracy
Let us know how it goes once you hear back from the OR about that.
I have always said that a BRU/BRO is like a slapped wrist and to be honest we dont want to get into that mess again anyhow.
Take care
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| tracy_b |
Posted - 23 November 2008 : 18:51:27
Hi Skippy,
Thanks for the comments. Yes we used 1K of savings for paying 2x BR fees and the other 1.5K to but hoover, toaster and to buy food shopping because we had a 7 week wait till we could go Br and we had already cut up credit cards. Also i didn;t want too many phonecalls so we paid everyone right up untill Oct 1st payments(went BR 9th Oct)this was the only payment we ever missed. We have been told to expect a minimum of 3 years BRU.
Take care all
Tracy XX |
| Skippy |
Posted - 23 November 2008 : 18:30:38
A BRU is a Bankruptcy Restriction Undertaking which is agreed to by the BR. If someone refuses a BRU the OR can go to court to have a BRO enforced. A BRU is generally shorter than a BRO.
You can use money saved to pay your BR fees, that's what I did. I think Tracy has been told she may get a BRU/O because she bought household items with money saved rather than paying it to creditors.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| Frank |
Posted - 23 November 2008 : 18:22:53
What's a BRU? How does that differ from a Bankruptcy restriction order?
Slightly confused; if you don't pay for your BR costs from money you've saved then what are you meant to use? A credit card? (that's a joke - obviously!)
Here we go again... |
