Is the Trustee Going to Take My Jewelry?

Posted by on Nov 10, 2014 in Bankruptcy | 0 comments

Is the Trustee Going to Take My Jewelry?

In Georgia, you are allowed to have $500 of jewelry exempted by Georgia statutes from bankruptcy, meaning your jewelry can be worth $500 pawn shop value and you can keep it ($1,000 if married filing bankruptcy jointly).  Georgia’s exemption statute O.C.G.A. 44-13-100 says:

 

(5) The debtor’s aggregate interest, not to exceed $500.00 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

 

Most of my clients have sold off any valuable jewelry before they get to the decision to file bankruptcy, so I’ve not ever had it be an issue.

 

Don’t gift your valuable jewelry to a relative before filing for bankruptcy.  You have to state on your bankruptcy petition any gifts of over $600 to any one individual.  The trustee can take that gift back and sell it to pay your creditors.