When you file for bankruptcy in Florida you need to list all of your debts and all of your assets. The jewelry you own is considered an asset and in some instances could have significant value. I often get asked how much jewelry can I exempt in Florida or what are the Florida exemptions specific to jewelry.
Value your Jewelry
If you own any jewelry the first thing you want to do is to go get it valued. To value jewelry the best thing to do is to first itemize what you own and then take it to your local pawnshop/jeweler. Have them tell you how much one they would give you for each item. This will give you an idea of how much to list on your bankruptcy schedules.
Exempting you Jewelry
Florida unlike most states has no specific exemption for jewelry. Instead Florida has a bankruptcy exemption of $1,000 for personal propert/;y. Personal property includes bank accounts, clothes, cash, investment accounts, and jewelry. If it is a joint filing then the number is doubled to $2,000. As you can see Florida’s personal property exemption is not very debtor friendly.
Surrendering a home
If you don’t own a home or are surrendering your home in a bankruptcy then Florida allows you to use an additional $4,000 wildcard exemption which can be applied to anything including jewelry. Again if it a joint filing (husband and wife) you get double the wildcard or $8,000.
As you can see Florida doesn’t provide too many exemptions for debtors assets. If a debtor has numerous assets worth significant value then it may be in the debtors best interest to file a chapter 13 bankruptcy whereby the debtor would be able to keep all their assets so long as they create a payment plan for either three or five years.
If you are thinking about filing for bankruptcy and would like to speak to a bankruptcy attorney please contact Shmucher Law, PL at 954.309.5559 or 305.741.5553. We offer free consultations in any of our offices included Boca Raton, Fort Lauderdale, Miami, Plantation and Sunrise Florida.