Hypothetical financial question re: bankruptcy

R

RMCF

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If you declare yourself bankrupt, and the following week you win the Lotto, would you get to keep it?
 
No.

First you can't just declare yourself bankrupt. You or your creditors can apply. The High Court makes the decision.

Second, the Trustee in Bankruptcy will look after your affairs for 12 years. Any income you get in the next 12 years will go to paying your creditors.

You get a fresh start after you are discharged from bankruptcy.

Brendan
 
So if you win the Lotto, give the ticket to someone you really trust who will look after you!!
 
Re

Assuming u go bankrupt in Ireland, however u could be out of it within a year if you decide to make yourself bankrupt in the uk
 
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