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evenbiggerstuff
Starting Member
2 Posts |
 Posted - 26 February 2010 : 10:49:22
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My wife and myself were declared bankrupt in november and we are both paying IPAs.
What I was wondering is this, my Grandmother is quite elderly and owns her own property, what would happen if anything happened to her and I was left a share of the property while I was still bankrupt? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 26 February 2010 : 11:03:16
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Hi and welcome to the forum.
If your grandmother was to pass away whilst prior to discharge then any inheritance would be passed to the Official Receiver even if you didn't actually receive it until after discharge.
If she passed away after discharge any inheritance would be yours to keep, even if you're paying into an IPA.
I hope she goes on for a long time yet!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
31 IPA payments made, 5 to go - the end is in sight! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 26 February 2010 : 11:06:10
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sorry even bigger stuff
hope nothing happens to your grandmother
should anything happen officially the reply is that the OR would say thank you (perhaps not and just take the money). They would get the share and benefit not you.
I have known some people speak to family and elderly relative and have the will changed before it is needed to be actioned.
if something was too happen, difficult line if you have not told the rest of the family about your BR, they would wonder why the interest from the official receiver. (should the official receiver find out).
No exact answer I am afraid as you will have to work out best action as you know your family
regards Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 February 2010 : 11:12:12
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Good morning,
Welcome to the forum.
If you inherited a property or other asset, during your period of being undischarged, then the OR would, without any question, have a claim against your estate.
You could ask your grandmother to amend her will, but would you want to do that?
If you inherited an asset after your discharge then you would be able to keep that assrt in all probability
Hope this assists - others, I am sure wil post too.
Regards, Richard
"There are no problems - only solutions" |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 26 February 2010 : 11:18:30
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I certainly wouldn't want to ask someone to amend their will! After all, if we hadn't gone bankrupt the chances are that any inheritance would be used to pay debts anyway.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
31 IPA payments made, 5 to go - the end is in sight! |
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Inherited property
