Areas of Law / Bankruptcy Debt

My elderly parents have recently made a will, but I’ve been told by friends that I am unlikely to see any of their money because of debts hanging over me, such as a mortgage repossession, loan arrears and credit card debts. They say these organisations would grab their chunk first, and there’d be nothing left for me. Is this correct?

If your creditors got wind of your inheritance they could take steps to intercept the money before it reached you. But otherwise they would only be able to take it if you are a declared bankrupt. If you came into money – or it looked as if you were about to come into money – during the period of your bankruptcy, the trustee would be able to intercept it to pay off your debts. Your parents may want to redraft their will accordingly.

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