More details to this question:
My daughter is filing bankruptcy and she is worried she will lose her engagement ring even though their friend put it on his account and her fiance makes the payments. What is the asset limit and would her ring potentially get taken away if she files for bankruptcy?
1 ANSWER
In Indiana, a ring is considered personal property and the applicable exemption for personal property is $9,350 per person. Also, keep in mind that the ring may have a lien against it as most jewelers purchase agreements collateralize the jewelry until it is paid in full; thus, the ring's value would be diminished by how much is still owed on it.
Answered on Jun 09th, 2011 at 11:33 AM