Wedding Rings & Bankruptcy

In a troubled economy, millions of people are struggling to make ends meet as their debts continue to pile up. Bankruptcy provides one of the most efficient ways to relieve the burden of debt from your life, but it can require sacrifices. In some cases this can require selling certain luxury goods to repay your debts—something that can make people with expensive wedding rings nervous.

During certain kinds of bankruptcy, it may be necessary to give up some of your property to repay debts. Fortunately there are many kinds of property that can be kept exempt, in particular your necessities. This includes things like your clothes, cookware, work tools, and even some pet supplies. Property with special emotional value may also be exempt, especially things like heirlooms.

In most cases, wedding rings—even very expensive ones—can be kept exempt. Sometimes it is necessary to give up expensive jewelry. Depending on the circumstances, you may be able to give up some of your jewelry as part of a bargain to keep other property. Regardless of how your case works out, the symbolic value of wedding rings is significant enough that they are usually exempt.

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This is one of many ways in which bankruptcy protection can protect your rights from the attempts of creditors to seize your property. Bankruptcy laws protect your right to maintain a dignified, relatively normal life during your bankruptcy proceedings. With the help of a bankruptcy lawyer, you can minimize the effects of bankruptcy on your lifestyle and retain your most important possessions.

To learn more about bankruptcy and discuss what course of action might be right for you, contact the experienced Boston bankruptcy lawyers of Joshua Spirn & Associates today by calling 800-975-5346.