Wedding Rings and Bankruptcy

During times of financial hardship, people may be unable to pay their bills for a number of reasons. Commonly cited sources of distress include job losses, divorce, or unexpected expenses. Choosing to file for bankruptcy can help you eliminate a number of your debts so you can have a fresh financial start. Although bankruptcy can get rid of your debts, it can also require you to liquidate certain assets to pay off creditors. In some cases, people with expensive wedding rings may have to sell the ring in order to pay off credit card bills and other debts.

If you are facing tough financial times and want to speak with a professional about how you can get out of debt and on with your life, contact an experienced bankruptcy attorney today. At Eric N. Klein & Associates, P.A., our West Palm Beach bankruptcy lawyers will help you get back on your feet. Call us today at 561-353-2800 to schedule a free consultation.

Liquidating Certain Assets

When you file for Chapter 7 bankruptcy, you may be forced to sell certain assets and then to distribute the proceeds from the sale to your creditors. There are also man property exemptions for necessities. This includes your home, automobiles, clothing, tools for work, and various other pieces of property.

In some cases, an individual can also exempt property with emotional attachment or family heirlooms. In the majority of cases, an individual can exempt her wedding ring because of its personal and symbolic value. You can potentially have to liquidate other pieces of jewelry, but not usually wedding or engagement rings. It is also important to note that bankruptcy sales are typically avoidable in most personal bankruptcy cases.

Contact Us

If you have any questions about filing for bankruptcy or possible exemptions, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A., by calling 561-353-2800.