Bankruptcy and Jewelry
Individuals filing for bankruptcy often have many questions surrounding the process, such as whether or not they will be able to keep valuable personal belongings, for example, jewelry. If you are wondering whether you will be able to keep your valuable jewelry during a bankruptcy, the simplest answer is “usually.” Much depends on the circumstances of your specific bankruptcy claim and the value and importance of the piece in question.
If you are facing unmanageable debts and mounting bills and you are considering bankruptcy, you will need the advice of an experienced attorney to help you protect the assets that mean the most to you. The Boca Raton bankruptcy lawyers at Eric N. Klein & Associates, P.A., may be able to help. Contact our offices by calling 561-353-2800 today.
Factors affecting Repossession
According to Florida bankruptcy laws, those filing for Chapter 7 bankruptcy can exempt personal property worth up to $1,000 from repossession. A husband and wife may double this figure. Other factors that influence whether or not you will have to surrender valuable personal belongings such as jewelry include:
- Whether you are filing for Chapter 7 or Chapter 13 bankruptcy
- Whether the valuable was bought with a loan
- The value of the item
While there is a small chance that individuals filing for Chapter 7 bankruptcy may have to sell certain assets to repay creditors, an experienced attorney may be able to help you protect jewelry and other family heirlooms that have important meaning to you and your family.
Contact Us
If you are thinking about filing for bankruptcy, you should not attempt to go through this process alone. Contact a Boca Raton bankruptcy attorney with Eric N. Klein & Associates, P.A., by calling 561-353-2800 today.
