Maine's Bankruptcy Court issued an important decision today protecting wedding rings from bankruptcy trustees. In the case of In re Cynthia Chaney, the Court held that wedding and engagement rings are exempt under Maine's exemption statutes.
A Chapter 7 Trustee objected to Ms. Chaney's claim of exemption to her wedding and engagement rings. The Trustee claimed that Maine's exemption statutes did not historically protect jewelry or any type over $750 in value (including wedding and engagement rings). Molleur Law Office, representing the debtor, claimed that Maine's exemption statute protected $750 in value in addition to wedding and engagement rings of any value. The Court agreed with MLO's interpretation of the exemption statute.
This decision is extremely important for all Maine individuals filing bankruptcy. MLO is pleased to lead the fight against creditors and bankruptcy trustees whenever they are more aggressive towards debtors than permitted under Maine law or the Bankruptcy code.