Money received after discharge from bankruptcy

[Dezla10]

I was declared bankrupt in Feb 2008, at the time I was separated from my wife and the matrimonial home was solely in her name, therefore the OR confirmed they would pursue a claim for any money from the property.

I was subsequently discharged from bankruptcy in Jan 2009 and afterwards commenced divorce proceedings which completed Feb 2010. I've been informed that I am entitled to a %share of the property value as a financial settlement and am currently going through the court process.

Question - Do I have to inform the OR of any monies I receive and can they claim them? As I understand it, any money or property you receive once discharged is yours to keep, BUT as the house existed at the time of the bankruptcy (even though I had no claim to it at the time) do they have a claim? I've had some legal advice from family solicitor but they are not sure!

[lilsecret]

Have a look here

http://www.insolvency...-after-bankruptcy.php

[Dezla10]

Cheers, as with other advice I've sourced, it states that assets received after discharge MAY usually be kept. Just wondering if this would be the exception! Don't want to incur legal costs of settlement if I won't see any of the money afterwards!

[themas]

In your post you say "the OR confirmed they would pursue a claim for any money from the property.".

Did you mean that, or did you accidentally miss out the word "not" - i.e. "would not pursue a claim".

If you meant what you wrote then I can only assume the OR has recorded a restriction on the house title deeds. You can find this out by getting a copy of them from the online Land Registry. If they have stated they will pursue a claim then you will quite likely end up with nothing because their claim will pre-date the divorce settlement. However, this is a complex area (normally, if divorce settlement comes before the bankruptcy the OR cannot overturn it) & it could be worth getting advice from a competent Insolvency Practitioner once you know as much as you can find out.

If the OR did say they would NOT pursue a claim, then I don't think you have anything to worry about - you can keep whatever money comes out of the divorce settlement.

[Dezla10]

Apologies, the OR said they would NOT pursue a claim against the property, since at that time I hadn't registered any claim to it myself. From what I've been able to find out they probably don't have a claim but could try for one which I'd have to defend through the courts. Though the odds of them winning are low and therefore prob not in their clients best interests to pursue. Fingers crossed!

[aliyahwestling]

I think you should seek for the great Financial Services with more trustees and experience attorney because The more knowledgeable you are, the more you can be sure that you are making the right decision and that you are taking the right steps to ensure your personal bankruptcy goes as smoothly as possible.