Q: Will I lose my wedding ring if we file bankruptcy?
We are considering bankruptcy because of high credit card balances we can't get out from under, but I am worried about my wedding ring. It cost about $2,000 when we got married 7 years ago, and I don't want to lose it.
A:
It's the value of the ring today that counts, not how much it originally cost.
The Minnesota bankruptcy exemption for a wedding ring is up to $2,817.50 in value. In simplest terms, that means that a person filing for Chapter 7 bankruptcy may keep a wedding ring valued at up to $2,817.50.
Your bankruptcy attorney can help you claim the exemption and explain your options if it turns out that the value of your ring exceeds the exemption.
*Kevin Chern is an Illinois licensed attorney who has practiced in federal consumer bankruptcy law and consumer protection law for the last 21 years. He is the Managing Partner of UpRight Law. Kevin's law partners are licensed in all 50 states and work in conjunction with Mr. Chern to provide bankruptcy and consumer legal services in all 50 states. Mr. Chern's answers to the questions are intended for informational purposes only and are not intended to be legal advice. Use of the answers does not establish any attorney-client relationship. For legal advice, you should consult with an attorney licensed to practice law in your state and with appropriate expertise.
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