Or do I have to assume the loan first
A debtor's assets in bankruptcy include property received by bequest, devise or inheritance. Please review section 541 of the bankruptcy code before making any decisions. If you are inheriting the house and there is equity, you need to analyze how that equity is treated if you file for bankruptcy relief. As for the loan, that obligation should be secured by a properly filed security instrument. The debt will be satisfied at the time the house is sold since the property should be subject to a bona fide security instrument.