UK resident and bankrupcy

[Chakra]

Hi everyone, hope this is the right place or even forum to ask my question.

If my father dies and he is an Irish resident and i declare myself bankrupt in the UKafter his death ( lived in the UK all my life from birth ) will i be able to receive the what is left to me or will it go to my UK creditors.

I don't want to be getting into any trouble if i go bankrupt.

Thanks in advance

Chakra

 

[Action]

Hi Chakra,

If you were to receive an inheritance during your 12 month bankruptcy in the UK then this would go to your trustee or OR. He effectively owns all of your assets and liabilities during that bankruptcy period. Once you have been discharged then you are free to earn or inherit and retain the benefits. Hope this helps.

 

[Steve Thatcher]

You specifically asked what would happen if he died and then you went bankrupt.
If he dies and you are a beneficiary, that entitlement forms part of your estate and it will vest in the Trustee if you decide to go bankrupt after his death.

For planning purposes, assuming you really have to do so, bankruptcy and automatic discharge, before he dies is the way to go.

Steve Thatcher
www.stevethatcher.ie