LawAnswers.com.au - Australia's #1 Legal Community

LawAnswers.com.au is a community of 10,000+ Australians, just like you, helping each other.
Ask a question, respond to a question and better understand the law today!
Join us, it only takes a minute:

Can Person in Bankruptcy Keep Jewellery Given as Gifts?

Discussion in 'Debt and Bankruptcy Law Forum' started by Keziah, 12 December 2015.

  1. Keziah

    Keziah Well-Known Member

    Joined:
    27 September 2014
    Messages:
    20
    Likes Received:
    0
    Can someone in bankruptcy keep their wedding and engagement rings, and gold chains given to each other as wedding gifts?
     
  2. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,300
    Likes Received:
    334
    Hi Keziah,

    A trustee in bankruptcy usually only claims jewellery and antiques of significant value, therefore they will not usually claim the average wedding or engagement ring.
     
  3. Tim W

    Tim W Lawyer

    Joined:
    28 April 2014
    Messages:
    1,713
    Likes Received:
    402
    I agree with the above.
    That said, the bankrupt should consult with their trustee
    about any specific item.
     
  4. Keziah

    Keziah Well-Known Member

    Joined:
    27 September 2014
    Messages:
    20
    Likes Received:
    0
    Thank you for your reply. What would be considered significant value?

    Also, can a trustee order bankrupts to get valuations of their jewellery? If so, what happens if the bankrupt cannot afford the valuations?
     
  5. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,300
    Likes Received:
    334
    I"m sorry I don't know. I would imagine if its less than $50,000 you might be safe?
     
  6. Keziah

    Keziah Well-Known Member

    Joined:
    27 September 2014
    Messages:
    20
    Likes Received:
    0
    Thank you Sophea.
     

Share This Page

Loading...