Quizzes & Puzzles0 min ago
Bankruptcy
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If someone has gone bankrupt is any money inherited - say, for example, twenty-five years on - free from any claim?
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For more on marking an answer as the "Best Answer", please visit our FAQ.If the person you inherit from has died before you go bankrupt, or dies while you are bankrupt, then the inheritance will be taken, even if it is not received until years after discharge (e.g. due to delay in winding up the estate). Also, if the death occurs when you are still paying creditors through an IPA or IPO after discharge you are under a duty to notify any change in your financial circumstances (and the inheritance would be one), and it is very likely it would then be taken. However, IPA/IPO only last 3 years (other than in exceptional circumstances.