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Essie.cb
Starting Member
2 Posts |
 Posted - 04 May 2011 : 22:39:55
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Hi all,
I hope you had a good easter break. It seems so long ago now.
Please could you give me some advice? If a BR person was left 25% of the equity of in their parents family home (and someone was still living in it - not the BR person) what would happen to that 25%? Would the resident person be made to sell the property to get back the funds?
Thank you for your help,
Essie |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Essie
Junior Member
United Kingdom
115 Posts |
Posted - 05 May 2011 : 08:23:01
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Hiya,
It hasn't been left to me yet, but will within the year. 
It's worth about 125k. (I had 50k of debt).
I should be discharged in march 2011.
Would leaving it in trust help??
Thank you so much.
Finally got head out of sand in October 2010
BR March 2011
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moodybluetwo
Junior Member
156 Posts |
Posted - 05 May 2011 : 09:58:14
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| If you inherit assets during your bankruptcy you will have to inform your OR who will decide what to do next. If you inherit assets after discharge you should be ok…..but expert advice is needed here. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 May 2011 : 12:53:20
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Have you just declared BR? So discharge March 2012?
Sorry to ask, but is it due to a death? Has this already happened or likely to happen soon?
If you don't want to post any details on here, give an expert a call just to chat this through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Essie
Junior Member
United Kingdom
115 Posts |
Posted - 05 May 2011 : 13:26:44
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Sorry Viki, I'm just worried about posting on here in case the OR reads it! I'm not trying to be dodgy or pull a fast one, I just don't want to have my mum made to sell the family home :((
I declared myself BR in March 2011.
My dad has a degenerative disease and has a years life expectancy (this was given in March 2011).
I found out the other day that when he passes away, 50% of the family home will pass to my mum, 25% to my brother and 25% to me. As i said, I don't want my mum to be made to sell because of me.
Is there anyway to avoid all of this - apart from cutting me out full stop?
Many thanks for everything, E
Finally got head out of sand in October 2010
BR March 2011
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 May 2011 : 13:46:25
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I'm sorry to hear that. If the worst happens whilst you are BR then if that share is left to you then the OR will have an interest in it. I would definitely have a word with your Dad.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Essie
Junior Member
United Kingdom
115 Posts |
Posted - 05 May 2011 : 13:58:56
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Thank you, that was what I thought. Can she make my mum sell the house??
quote:
Originally posted by Viki.W
I'm sorry to hear that. If the worst happens whilst you are BR then if that share is left to you then the OR will have an interest in it. I would definitely have a word with your Dad.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
Finally got head out of sand in October 2010
BR March 2011
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Essie
Junior Member
United Kingdom
115 Posts |
Posted - 05 May 2011 : 15:09:22
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Hi again, sorry to be a pain. Is there anyway I could give you a call as I have a few questions regarding inheritance and BR? how is it best to do this? Or can I email you?
Thank you :))
Finally got head out of sand in October 2010
BR March 2011
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 May 2011 : 15:14:29
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Viki has her contact details in her profile or you can find them via the Vincent Bond website.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Hi all, I hope you had a good easter break.
