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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can a couple declaring bankruptcy keep their jewelry?

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

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

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.