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
January 21, 2009 at 11:11 am, 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).
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.