February 19th, 2008 by Questions
I am in Ontario. My engagement ring cost $10,000 when it was originally purchased. It is the only thing of any value that I own. My furniture is all years old, given by family or bought at Walmart or Ikea. I have a computer that barely runs and a car that is 12 years old. If I file for bankruptcy, will I have to pay extra money because of the value of my ring? I cannot afford to do that, nor could I imagine having to part with it.
One Response to “Jewellery value”
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February 20, 2008 at 9:06 am, A licensed trustee said:
The law allows you to keep personal possessions worth a maximum of $5,650 – jewellry makes up part of that number. I suggest you speak to a trustee in your area about how the limits work and they will likely send you to have the ring appraised.