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If you file bankruptcy can you give watches to your family as gifts and not have it considered an asset of the bankrupt party?
Wiki User
∙ 14y ago
As Maddoff giving a valuable used watch to family found - Not in all cases! Yes most items of personal property are exempt or excluded in the BK. Like the paintings your kids made in kindergarten and your furniture. But if the painting is by Van Gough or the furniture 1700s collectible...then they are assets the creditors could reasonably look to for reimbursement. So Timex OK, Diamond Rolex, I think not.
Wiki User
∙ 14y ago
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