November 26th, 2007 by Questions
my wife has her engagement ring and wedding band as well as a necklace all from before we got married. will we get to keep these things? We live in Ontario
November 27, 2007 at 9:50 am, A licensed trustee said:
Your wife has the right to claim an exemption for personal items (including jewelry) up to a value of $5,650. If the items in question are worth than that then you will either have to agree to pay an amoutn equal to the excess (over $5650) or voluntarily give something up for sale.
Before you get too worked up about this, I suggest you contact a trustee in your area and discuss your situation – it may be that something other than bankruptcy will make more sense for you…
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