Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Considering going to BK Auction to buy back wedding rings

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Considering going to BK Auction to buy back wedding rings

    Middle District of FL here.....:Has anyone had any experience attending the bankruptcy auction, and successfully buying back your property? Our trustee valued our wedding rings at almost the full retail price. I don't want to lose my weddings rings but do not want give the trustee almost full retail value for them. My attorney says that going to the auction would be our best bet.

    I knew the trustee was going after the rings the day of the 341 they are not very expensive rings but its the most expensive thing we have (per the appraisal) which I think was done intentionally and now trustee wants them or wants us to pay to keep them....

  • #2
    any reason why you didnt / couldnt exempt your rings?

    You went off of an appraisal for valuation..which could be why they're coming in so high. Think resale value (i.e., pawn shop), which is how most assign value.

    Comment


    • #3
      Originally posted by Pandora View Post
      any reason why you didnt / couldnt exempt your rings?

      You went off of an appraisal for valuation..which could be why they're coming in so high. Think resale value (i.e., pawn shop), which is how most assign value.
      Pandora
      We live in FL....so we only have 1k personal property exemption each since we claimed the homestead exemption. My hubby and I only have 2k total that we can exempt . After the 341, our lovely trustee sent out his/her own appraiser. We were one of the "lucky one's" to be chosen for the personal property appraisal. Our attorney valued the rings at 1/2 the retail price on our schedules when we filed which I think was fair but when the appraiser came they valued them close to full retail price. In our district pawn shop value is not always acceptable as in our case. All other personal property was appraised and accepted at or about pawn shop value except the wedding rings. This is because all of the other stuff is crap and not worth the time I suppose...I guess they had to figure out a way to get something out of the estate = to what we paid the attorney to file the case.

      Comment


      • #4
        ouch.... that sucks! I forget FL has such stingy limits. Did you ever ask why you had to claim homestead since you had no equity in your home? It sounds like your trustee is trying to strong-arm you (from reading your prev. posts); I've heard that you can purchase property back and make payments to the trustee in some instances, so perhaps you can buy your rings back.

        I hope your Trustee ends up with massive boils everywhere - what a crappy thing to do - take wedding rings. Ugh.

        (major hugs to you)

        Comment


        • #5
          Originally posted by Pandora View Post
          ouch.... that sucks! I forget FL has such stingy limits. Did you ever ask why you had to claim homestead since you had no equity in your home? It sounds like your trustee is trying to strong-arm you (from reading your prev. posts); I've heard that you can purchase property back and make payments to the trustee in some instances, so perhaps you can buy your rings back.

          I hope your Trustee ends up with massive boils everywhere - what a crappy thing to do - take wedding rings. Ugh.

          (major hugs to you)
          Thanks Pandora! Yes, we can buy the rings from the trustee but we do not want to pay full retail value for them again . It's not fair! Yes, I did inquire why we had to claim the homestead even though we are under water by about 8k. Our attorney said the trustee would then have the option to take the home and that they may very well act up on it and that most people do not chance it. We didn't want to chance it so chose to use the homestead. We only bought the home a year before we filed so I think that may have had something to do with it though but not sure. I am hoping someone here will share their experiece about successfully buying back their stuff at the bk auction. I will be heartbroken if I have to give them up but I am not willing to pay full retail value for them all over again.

          Comment


          • #6
            florida is getting worse by the day. but you're wedding rings.....ahhhhhhhh i'm so sorry!!!! we are also in the middle district and i know it's getting harder and harder in this area if you claim the homestead. and, as you pointed out, and while pandora's idea about not claiming it because it's underwater, well, you're right, they would snatch it up and attempt a to sell it in this horrible market. (a house just went for 60k in this neighborhood and it sold in 2005 for 383k...) now geesh what would a trustee get out of that???

            a whole lot of nothing!

            ahhhhhhhh but to take your wedding rings.. breaks my heart for you!
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

            Comment


            • #7
              Wow, you'd think at least wedding rings would be exempt after a certain amount of time. Seriously? That sucks big time. Makes one want to have lost them. yes, I know it would not be honest but taking your wedding rings...that's cold.
              Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15

              Comment


              • #8
                Originally posted by mountanddo View Post
                wow, you'd think at least wedding rings would be exempt after a certain amount of time. Seriously? That sucks big time. Makes one want to have lost them. Yes, i know it would not be honest but taking your wedding rings...that's cold.
                gmta!!!
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                • #9
                  KnOMom, I think you should go to the auction and know before you get there what the maximum is you are willing to pay. Start low and don't go over your max. I really doubt anyone is going to go there and spend much on used jewelery. But, if you do get outbid, get replacements and renew your vows as you place them on each other's fingers. Sounds like a very romantic fresh start!
                  LadyInTheRed is in the black!
                  Filed Chap 13 April 2010. Discharged May 2015.
                  $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                  Comment


                  • #10
                    Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

                    Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

                    LITR, great way of looking in an upbeat way at a downbeat sitch.

                    Tobee, what the heck is gmta?

                    Keep On Smilin'

                    Comment


                    • #11
                      Originally posted by keepsmiling View Post
                      Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

                      Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

                      LITR, great way of looking in an upbeat way at a downbeat sitch.

                      Tobee, what the heck is gmta?
                      LOL!!! GMTA= GREAT MINDS THINK ALIKE...sometimes LOL!!!!
                      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                      Comment


                      • #12
                        Originally posted by keepsmiling View Post
                        Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

                        Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

                        LITR, great way of looking in an upbeat way at a downbeat sitch.

                        Tobee, what the heck is gmta?
                        I have to agree. How can a trustee sell a house that has negative realizable equity? In the very sad case of the wedding rings and the RV case, the trustee had no real risk since they were not encumbered by a loan. The only risk is that the exemption is higher than the value. Would the trustee have to write a check for the full amount of the exemption if the sale is less than the exemption? But on a house, the bank would issue a 1099 to the trustee for any forgiven debt and the trustee would have to pay taxes. They don't get the BK tax benefit. I believe that the banks could demand full payment of the loan or deny the sale. A trustee can't short sale a house. Property is to be sold tax for the benefit of the unsecured creditors and not as a punishment to the debtor.

                        What is done is done so by all means go bid on the wedding rings and best of luck.
                        Lawyer - $3000
                        Filing fee - $299
                        Fresh Start - Priceless

                        Comment


                        • #13
                          That is so MEAN...wow, my heart goes out to you. This is one of my fears...I really can't part with my wedding ring, I know how you feel. I am so sorry. I hope that mean person has some karma to get'em. WOW! Please let us know the outcome of this. (((HUGS)))

                          Comment


                          • #14
                            Originally posted by LadyInTheRed View Post
                            KnOMom, I think you should go to the auction and know before you get there what the maximum is you are willing to pay. Start low and don't go over your max. I really doubt anyone is going to go there and spend much on used jewelery. But, if you do get outbid, get replacements and renew your vows as you place them on each other's fingers. Sounds like a very romantic fresh start!
                            Now why didnt I think of that? LOL See.. I knew you were all "romantic-y" (is that a word?! well it is now ) deep down

                            Awesome idea!

                            Comment


                            • #15
                              Thanks for the well wishes everyone. I will keep you all posted on the outcome. I guess it is what it is...

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X