MINISTER FOR JUSTICE Alan Shatter has said there will be no exemption for personal jewellery in the new insolvency bill – meaning people may have to sell items like engagement rings to get debt relief.
Shatter said he was “mindful” of the sentimental value of some jewellery, but could not apply an exemption as it would be open to abuse.
Expensive jewellery should be sold to repay debt, he added.
Under the new legislation, debtors cannot own assets worth a total of more than €400 if they wish to claim debt relief. There are exemptions for essential household appliances, work equipment, and a vehicle worth up to €1,200 – but no allowance for jewellery.
So what do you think? Should debtors have to sell expensive personal jewellery to get relief?
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