Court Rules Engagement Rings are Exempt

On Nov. 20, Bankruptcy Judge Jack B. Schmetterer of Chicago ruled that a wedding ring and an engagement ring are exempt as “necessary wearing apparel” without regard to value, as long as the wearer is still married to the person who gave it. Judge Schmetterer's ruling means that married couples have a good argument for keeping an expensive engagement ring during a bankruptcy case, as opposed to surrendering the ring to the trustee.