Tuesday, October 25, 2011

Filing Chapter 7 bankruptcy in Arizona? What happens to your jewelry?

I am a bankruptcy attorney in Arizona, and recently had a client who had several thousand dollars worth of fine jewelry. She was very concerned that she might lose it in the bankruptcy. The good news is the bankruptcy law exemptions for property are pretty generous; unless you are pretty wealthy, there is a good chance you will be able to keep all of your possessions. Each state exempts different amounts for various items, or the federal bankruptcy exemptions may apply. In Arizona, there is an exemption of $1000 for a wedding and/or engagement ring. This reflects how much you might get for the ring(s) if you sold them to a private party or pawn shop. For more information click here.

Although there is no specific exemption for other fine jewelry, it is highly unlikely a bankruptcy trustee will seize a few thousand dollars worth of jewelry. It is not easy to convert jewelry into cash, and if that's the only non-exempt property you have, it's not worth the trustee's time and effort to sell it. For more information click here.

The Alexander Bankruptcy Law Firm provides low low cost Chapter 7 and 13 personal bankruptcies. $995 Chapter 7 or $2500 Chapter 13 bankruptcies plus court filing fee. Free consultation with a compassionate attorney who will handle your case personally. Call 24/7, available to meet with you around your schedule. 602-326-9116. Conveniently located in Central Phoenix along the Camelback corridor. AlexanderBankruptcyLawFirm.com

No comments: