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Protecting your family heirlooms from bankruptcy in D.C.

Bankruptcy presents a way for you to build a new financial base for yourself. Many people walk into our Ammerman & Goldberg Bankruptcy Law Office with the belief that they have to give up everything they own when they file for a Chapter 7 bankruptcy. However, in Washington, D.C., you can keep items that fall under the classification of family heirloom.

The definition of an heirloom is different, depending on who you ask. Most people agree that it is an object that is treasured and has either been handed down in the family, or that will be handed down to a younger generation. Refinery 29 news recently shared stories of what people hold most dear. For one person, the heirloom was a scarf purchased by her mother in Paris. It was acquired during a honeymoon and has been displayed in a frame.

For another person, it was his grandmother’s diary. Another person stated that her heirloom was a sequined top and a velvet jacket. Both items had been handed to her by her mother. The mother received the top as a gift and made the jacket by hand. Still another person had created his own heirloom in the form of a wood animal collection, which he intended to pass on to another member of the family.

For items to be an heirloom, the consensus is that it must have a story behind it that makes it of value to the person who possesses it. For some people, an heirloom may be something of great worth such as an oil painting, antique jewelry or furnishings. If people find themselves in financial difficulty, they may feel pressured to give up these items but this might not be necessary. To learn more about what items may be kept out of bankruptcy, please visit our web page.

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