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My husband and I are going bankrupt, unfortunatley for me a relative died and has left me some money in the will. I have been skint all my life and feel this is so unfair that the bank could take the money as we had our house repossessed through no fault of our own but due to 1990's recession. The timing of this really sucks!!!!!!!! Can I have my name taken off the will? I desperatley need help

Hiya Spencat..sorry for your recent loss.

I think the way it will be seen is that you are doing a BR as you cant pay your creditors so any "windfalls" would be taken to use towards paying your creditors back the money you owe them.

I know its hard but i would try to look at this as a positive thing cos the more money you can pay back the better...you will be no worse off than before.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

If you are a beneficary in a will the executor/s must swear to carry out the will as set out by the deceased. It is an offence for them not to do this. If you are subject to BR (undischarged) then the money is in your estate and the OR owns it and every other asset. If you are not BR (or discharged)then you could use this money as you see fit.



lily

Unfortunately, it is my understanding any windfalls have to go to your creditors if you are in bankruptcy.

However nothing would be lost if you approached the trustee and explain the situation where you need to rebuild your life things could be varied so that you can start to rebuild your life.

Nothing gained for having a go.

Good Luck

How much are you likely to receive? Perhaps there may be enough to propose a settlement with creditors to avoid a bankruptcy altogether?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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