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| hoping for help |
Posted - 11 July 2009 : 23:51:41
Hi,
My sister and her husband are planning to file for personal bankruptcy. However, my sister was named in a relative's will recently and although it hasn't yet been dealt with, she is due to inherit a share of a property. I believe that if she files for bankruptcy, her inheritance will have to be given over. Her debts outweigh the inheritance amount but I wondered if there is any way she can still retain her inheritance. I read that a will can be amended after death but not sure if it is allowed for this. Or, since a lot of their debts are in her husband's name and not hers, could just her husband file for bankruptcy and she would then only be liable for the portion of debt that they hold jointly (which would be less than her inheritance so she would get a little benefit from it.)
Any advice would be most appreciated. |
| 2 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 12 July 2009 : 08:20:55
Sounds like the best plan is for her husband to go BR & for her to use her inheritance to clear the joint debts. |
| debtinfo |
Posted - 12 July 2009 : 00:27:50
Hi, there are a few questions in there so i will try and take them one at a time
1)If the relative has already died or dies at any time during the bankruptcy them the whole amount owing ti your sister will be claimed in the bankruptcy.
2)wills can be changed or your sister could give her share away. However this would be an offence in the bankruptcy probably resulting in a Further bankruptcy restriction. Additionally the people who benefited (presumably other family members) could be taken to court to repay the money to the bankruptcy estate.
3)Each person is individually responsible for their own liabilities (debts). This means that they do not have to go bankrupt together. If your sister inherits but only her husband goes bankrupt then the Official Receiver has no caim over the money. In these circumstances it is important to understand what your sister would be liable for. That is her own sole debts and the whole (not just half) of any joint debts including propety shortfalls.
Hope that helps, feel free to ask any more questions, i try not to give any advice, just information |
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