Can Person in Bankruptcy Keep Jewellery Given as Gifts?

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Keziah

Well-Known Member
27 September 2014
21
0
126
Can someone in bankruptcy keep their wedding and engagement rings, and gold chains given to each other as wedding gifts?
 
S

Sophea

Guest
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.
 

Tim W

Lawyer
LawConnect (LawTap) Verified
28 April 2014
4,913
820
2,894
Sydney
I agree with the above.
That said, the bankrupt should consult with their trustee
about any specific item.
 

Keziah

Well-Known Member
27 September 2014
21
0
126
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.

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?
 
S

Sophea

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