Wedding Rings and Bankruptcy

Facing financial difficulty can be a very stressful time in your life as you desperately try to reorganize your finances to try and make ends meet. No matter the reason, having to file for bankruptcy can be a tough decision even though it can help you effectively get out of debt. In extreme situations, some individuals filing for Chapter 7 bankruptcy may have to liquidate certain assets in order to repay creditors. However there may be exemptions available to protect some items with considerable sentimental value, like wedding rings, from being sold in the bankruptcy process.

If you are considering filing for bankruptcy, it is important to know that there is dedicated legal support available to help you. To speak with a qualified representative, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 to schedule an initial consultation. We will discuss your legal options and help you decide on a plan for getting out of debt.

Liquidating Certain Assets

Filing for Chapter 7 bankruptcy may require you to liquidate, or sell, certain assets in order to repay creditors. Fortunately, some property is exempt and therefore, not subject to liquidation.

Along with exemptions on property, tools necessary to your job, and some retirement funds, you may also be able to exempt property you are emotionally attached to or items that are family heirlooms, like a wedding ring. To make sure you take advantage of every exemption for which you are eligible, it is important to work with an experienced bankruptcy attorney.

Contact Us

To discuss your options with a qualified bankruptcy attorney, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494.