Rings and Things and Bankruptcy in Indiana
I’m no jeweler, but as a debt consolidation lawyer offering bankruptcy services in Indiana, I find that questions about jewelry frequently come up in connection with filing personal bankruptcy in Indiana. Maybe that’s because jewelry is smaller, and so that may make some people believe they can get away with “hiding” that asset from the bankruptcy court. Or, maybe it’s just because jewelry typically has a lot of personal memories attached. Often readers of this Bankruptcy in Indiana article series will write in questions and comments about jewelry, mostly Can-I-keep-my-jewelry-if-I-file-bankruptcy-in-Indiana sort of questions.
After close to 25 years offering Indiana bankruptcy help, I realize that questions like that are really part of a bigger, broader concern that most clients who visit one of the four Zuckerberg bankruptcy law offices have: If I file personal bankruptcy in Indiana, will I lose everything I have? The answer, of course, is “It depends.” The truth is, though, most clients don’t lose anything they have.
For one thing (since I helped write the exemptions portion of Indiana bankruptcy law, I know this well), jewelry and other personal assets, are protected under Indiana exemptions, up to a dollar limit of approximately $9,350 for each individual.
Having said all that, I continually stress in this Bankruptcy in Indiana article series how crucial it is to provide full and accurate information to the court. When it comes to jewelry, the best thing is to have a certified appraisal, so that in the bankruptcy paperwork, you can truthfully be telling the court what assets you own. Then, as your lawyer for bankruptcy in Indiana, I can guide you as to claiming the exemptions that apply.
Just within the past two weeks, there was a bankruptcy case right here in Indianapolis where a couple was sentenced to 36 months’ probation following their admitting to bankruptcy fraud having to do with jewelry. I was discussing this case with the Columbus bankruptcy lawyers who work in my office in that city. The FBI had actually gotten involved, as had the Fraud Working Group Assistant of the office of the United States trustee. The couple failed to disclose in their bankruptcy documents that they owned many pieces of valuable jewelry. Also, they had listed the wife’s wedding ring as being worth $1,000, when the appraised value turned out to be almost $29,000!.
The bankruptcy bargain is straightforward,” as one Virginia judge so aptly put it. “The debtor gets a discharge and a fresh start. In return, he must be honest.”
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