Hi

If you receive a settlement under a will while you are still a bankrupt, the settlement vests in the trustee in bankruptcy, and you will not be able to deal with the proceeds.

For general information as to the classes of asset that may or may not fall under the purview of the trustee in bankruptcy, have a look at this AFSA table:https://www.afsa.gov.au/debtors/bankruptcy/bankruptcy-overview/asset-table