Losing Possessions

Posted on Friday, August 29, 2008

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I am in the process of going bankrupt. I own no property/vehicles. My credit cards were maxed out solely by clothing ($20,000 estimation) and everyday essentials to living. I only have a bit of jewellery also. One ring from my grandfather ($5,000 est.). Would my inheritance in the value of a ring be sold to help pay back my debt? I am now over $100,000 under and can not make any payments. What could be taken from me to pay these bills?

Filed under: Bankruptcy
 posted by Questions @ 9:31 pm
1 Expert Comment:

 At September 1, 2008 | 7:34 am , Barton Goth GCO Bankruptcy Trustees Said...

Jewelery of this nature is not protected when someone files for bankruptcy. So what would have to be done is an appraisal must be obtained from a certified and licensed appraiser. Then whatever amount the appraisal lists must be obtained. At this point it doesn’t matter if this comes from your self (i.e. you buy back your ring over time) or if we sell it to another person, as long as the creditors receive the fair market value they are not going to be concerned.

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