January 20th, 2009 by Questions

If someone has no assets but owns jewellery valued at over $4000 (allowable value of household goods in BC), would this jewellery be seized in a bankruptcy?

Posted from: British Columbia


One Response to “Jewellery”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Jewelery is not protected if you should file for bankruptcy. The exemptions primarily focus on necessary items, not extras. However, you may be able to arrange with your bankruptcy trustee to re-purchase the jewelery if it is that important to you (i.e. if the jewelery is worth $4000 and you really want to keep it you could get it appraised and pay the appraised value into the trustee, this way the creditors get their rightful share and you get to keep the items).

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