Bankruptcy and Jewelry

One of the most common misconceptions about bankruptcy, especially Chapter 7, is that people will have to sell or give up everything they own to pay off creditors. While there are some assets you may have to liquidate in Chapter 7 bankruptcy, there are also a large number of exemptions that allow you to keep some of your property. One type of personal property that many people ask about it is jewelry, especially if it is expensive or a family heirloom.

If you or someone you know is currently facing financial hardships and needs debt forgiveness, you may want to consider filing for bankruptcy. Get the professional legal advice you need today by calling a Boston bankruptcy attorney of Joshua Spirn & Associates today at 800-975-5346 and schedule a free consultation to discuss your legal options. We are dedicated to helping you every step of the way through your Boston bankruptcy proceedings.

Jewelry Exemptions

There are two types of bankruptcy exemptions that specifically protect your jewelry. Under the Federal bankruptcy law, you are allowed to exempt up to $1,450 in jewelry under a personal property exemption. Massachusetts bankruptcy law lets you exempt no more than $1,225 in jewelry.

Besides jewelry exemptions, there are several other exemptions that you can use to protect your property. It is important to discuss your situation with a Boston bankruptcy attorney to ensure that you have taken full advantage of all exemptions available to you.

Contact Us

If you are facing mounting debts, get the debt forgiveness you need by calling a Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346. We are dedicated to helping you get out of debt and on the road to financial recovery.