Can a couple declaring bankruptcy keep their jewelry?

January 24th, 2014 by Questions

Can a couple declaring bankruptcy keep their wedding rings, or other pieces of jewelry with sentimental value?

Posted from: Alberta


One Response to “Can a couple declaring bankruptcy keep their jewelry?”

January 24, 2014 at 6:11 am, A licensed trustee said:

It literally depends on the value of the jewelry you want to keep. You are allowed a certain value of personal property – jewelry included – when you file for bankruptcy. If your rings are worth that amount or less you will be fine. If they are worth more than the allowed amount you can still keep them, but you may have to pay something extra into your bankruptcies.

Discuss this with your trustee BEFORE you decide to file.

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