Bankruptcy and Jewelry

Chapter 7 bankruptcy, also known as liquidation bankruptcy, lets those in debt liquidate or sell certain pieces of personal property or assets to pay off creditors. Because of this, many people believe if they file for bankruptcy they will lose everything they own. Luckily, there are many bankruptcy exemptions that allow those filing to keep many, if not all, of their assets even after filing for bankruptcy. One exemption may allow debtors to keep property like jewelry.

Many people have valuable pieces of jewelry or family heirlooms that they fear losing if they file for bankruptcy. Fortunately, an experienced attorney may be able to protect your most valued assets from being liquidated. An Arizona bankruptcy attorney with the Harmon Law Office, LLC, can help you understand your bankruptcy and exemption options before you file, so contact us today at 480-829-0494 and schedule an initial consultation.

Exemptions for Personal Property

The Arizona bankruptcy code is fairly specific on the types of jewelry someone can exempt. While some states allow debtors to exempt any jewelry, Arizona law states you can exempt wedding or engagement rings up to $1,000 and a wristwatch up to $100. However, there may be other non-jewelry specific exemptions that could be applied to help you protect other jewelry.

If you are facing serious debt and want to speak with an attorney about exempting pieces of personal property like jewelry, contact a qualified legal representative today to learn more about the exemptions available to you.

Contact Us

To learn more about protecting meaningful jewelry and other bankruptcy exemptions, contact an Arizona bankruptcy lawyer with the Harmon Law Office, LLC, today at 480-829-0494.