December 27th, 2007 by Questions
Hi there. In 2006, I purchased my wife`s engagement ring & wedding band on a credit for approx $2,000. I had paid off the card but have over extended on my credit again. My overall debt is becoming unmanageable and I am contemplating bankruptcy.
I know one question a trustee asks is `Have you given a gift over $500?` I am wondering if my wife`s rings would consititute a gift. If so, would a trustee make me pay them the value of the rings in order to distribute to creditors? Thank you in advance for your assistance!