'My Five Wives' Dad $318K Debt Wiped Clean Gets To Keep Wedding Ring

9/9/2014 12:40 AM PDT

'My Five Wives' Dad -- $318K Debt Wiped Clean ... Gets To Keep Wedding Ring

EXCLUSIVE

Reality star Brady Williams' life just got a lot simpler -- even though he's still got 5 wives -- 'cause he just unloaded more than $300K worth of debt in his bankruptcy case.

And more good news ... he gets to keep his wedding ring.  

We broke the story ... Williams -- who heads the polygamous clan on "My Five Wives" -- was deep in the hole because of loans and credit card debt. Among the handful of assets he listed -- a $50 wedding ring and $3.61 in the bank.

According to court docs, obtained by TMZ ... $318K in debts were wiped clean. 

Besides the ring, Williams will keep the things that made him go belly up in the first place -- his 5 wives and 24 children. 

Fun Fact: By law, he has to wait 8 years before he can do this again.