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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

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    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

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    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.
     
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  3. Tim W

    Tim W Lawyer
    LawTap Verified Lawyer

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    I agree with the above.
    That said, the bankrupt should consult with their trustee
    about any specific item.
     
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  4. Keziah

    Keziah Well-Known Member

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    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

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    I"m sorry I don't know. I would imagine if its less than $50,000 you might be safe?
     
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  6. Keziah

    Keziah Well-Known Member

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    Thank you Sophea.
     
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