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Bankruptcy and Inheritance

We are in the middle of a personal bankruptcy and a relative recently passed away leaving me some money and an old vehicle. I know that it will be included in the bankruptcy if it goes through probate before we are discharged, but do I need to disclose it if the probate takes place after we are discharged? I’d prefer not to lose this money as it was willed to me for my son.

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One Response to “Bankruptcy and Inheritance”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

It is not that you can’t claim bankruptcy it is that if you do claim bankruptcy then you will loose this inheritance. In terms of what to do, this largely depends on how much the inheritance will be. If it is goiing to be sufficient to pay your debts in full I would simply contact your creditors, explain the pending inheritance and your intention to pay the debts when it is recieved. If the inheritance isn’t going to be sufficeint to pay the debts in full you still may have to consult with a trustee about the possiblity of filing a bankruptcy or proposal.