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    jayney1961's Avatar
    jayney1961 Posts: 3, Reputation: 1
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    #1

    Jul 19, 2010, 07:18 AM
    Can I still get my inheritace if I am bankrupt
    I have inherited money but I am bankrupt. Can I still receive my inheritance?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 19, 2010, 07:39 AM

    When was your Discharge final?
    jayney1961's Avatar
    jayney1961 Posts: 3, Reputation: 1
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    #3

    Jul 19, 2010, 08:03 AM
    Discharge is final on 7th August this year.

    Our situation at the moment is that my husband is bankrupt which ends on the 7th August.
    3 years ago my husbands brother died. A solicitor has been sorting the inheritance out (which has taken all this time) They are about to release the inheritance to the family members but because my husband is still classed as Bankrupt until the 7th August does this mean that he will not be able to receive the money?

    Someone mentioned something called discretionary power and have the inheritance money put into my name.
    goreliklaw's Avatar
    goreliklaw Posts: 14, Reputation: 2
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    #4

    Jul 19, 2010, 12:07 PM

    There are a few things at issue:
    1. was the potential inheritance listed on the bankruptcy documents as an asset; and
    2. how is your husband's inheritance determined. Was there a will or a Trust, and if so was there a spendthrift provision.

    This sounds like a pretty complex situation and your husband should contact both a local bankruptcy attorney and an estate planning attorney (assuming the money he is to inherit make it worthwhile).
    jayney1961's Avatar
    jayney1961 Posts: 3, Reputation: 1
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    #5

    Jul 19, 2010, 12:36 PM

    No the inheritance was not listed on the bankruptcy documents as an asset. The reason it wasn't listed was, as he had not heard from solicitor for quite a while he forgot all about it.

    There was not a will or trust.
    goreliklaw's Avatar
    goreliklaw Posts: 14, Reputation: 2
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    #6

    Jul 19, 2010, 12:40 PM

    Your husband should consult his bankruptcy attorney to possibly amend Schedule B and C, if required to both list and exempt (assuming he has enough exemptions left). In the alternative the date of the creditor's meeting should be looked at, to determine if he became eligible for the inheritance outside the window where it would be part of the bankruptcy estate. This is a bit complicated, which is why I really do recommend he contact an attorney to look at his specific situation. If he had a bankruptcy attorney, this is something he should be discussing with him/her.
    zelophehadwebster's Avatar
    zelophehadwebster Posts: 37, Reputation: 4
    Junior Member
    		  
    #7

    Jul 19, 2010, 11:54 PM

    It seems a small probability.
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