Taking your assets

[SweetHoney]

Ok, I'm really hoping to be able to file Chapter 7,but I'm concerned about a few things. I know the court can take anything in excess of $12,000, but I need a little clarification:

1) I'm really concerned about being able to keep my car (which is already paid off). Let's say the only asset I had was my car which is valued at $20,000. How does that work if they take what's in excess of $12,000?


2) I know that jewelry is considered an asset. Would they really take your engagement ring and wedding band?

Thanks,
SH

[keepmine]

You'll need to come up with a payment plan to buyout the excess equity from the trustee.
As to the wedding ring-you may be able to exempt it under your state exemptions for wildcard or personal property.
Have you spoken with a lawyer?

[d80indebt]

2) I know that jewelry is considered an asset. Would they really take your engagement ring and wedding band?

There are several posts on these forums regarding wedding and engagement rings. The general consensus is that you need to get the actual value of the ring(s) now. You can do this by taking it to a pawn shop and asking what they would buy it for. This would be the value of the rings. Keep the paperwork.

As PP suggested, you can usually exempt your wedding band. And I've read that if the wedding band and engagement ring are one set that they can be exempted as well.

HTH. Good luck!