Posted: Wed Jan 16, 2008 1:11 pm
If someone declares themselves bankrupt through the courts and they inherite some money within 3 months of doing so can they keep it.
No - this is deemed to be an after acquired asset under Section 307 of the Insolvency Act, and you have 42 days to hand over the money to the Trustee - obviously subject to the amount required to discharge the bankruptcy debts and costs in full.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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