Can Person in Bankruptcy Keep Jewellery Given as Gifts?

[Keziah]

Can someone in bankruptcy keep their wedding and engagement rings, and gold chains given to each other as wedding gifts?

 

[Sophea]

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]

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

 

[Keziah]

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?

 

[Sophea]

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

 

[Keziah]

Thank you Sophea.