There are two possibilities according to whether you received an Income Payments Agreement (IPA) or not. If you went bankrupt and did not receive an IPA i.e. a monthly payment for 36 months, you will be able to keep every penny of your inheritance once discharged after 12 months. However, if you were placed in an Income Payments Agreement, you will keep the inheritance less the outstanding amount owing under the IPA. For example, if you inherited £10,000 but still had 24 payments of £100 to pay, you would receive £10,000 – £2400 = £7,600.
Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.