Jewellery value

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”

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.