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engagemnet ring question

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    engagemnet ring question

    I know it varies state to state and trustee to trustee but here goes. Do most trustees allow you to keep your wedding ring? and as a ride on to taht I asssume they want you to sell your engagemnet ring if it is valuable but what if it is joined to your weddding ring? Any helpw ould be great.
    Thanks
    Chp 7 Filled 2-21-08
    341 Hearing 3-24-08

    #2
    Don't use the insurance appraised value of your rings.

    Go to a pawn shop or a jewelry store and ask what they'd pay you, Cash on the spot, to buy your rings. You'll be surprised how low the value would be.

    I have a friend who just sold a ring. She paid $1K for the diamond, years ago. Don't remember how much the setting cost. But I think she spent around $1500 total. Shoulda gone up in value since diamond prices have gone up over the years, Right??!! Nope. She just sold it, quick sale, to a jeweler for $300.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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      #3
      just spoke to a lawyer and she said do not even worry about teh engagmnet or wedding rings a sthe trustees would not have us pawn them or place them on cosignmnet (sp) as most people would not buy a used engagemnet ring anyway. Hope she is right
      Chp 7 Filled 2-21-08
      341 Hearing 3-24-08

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        #4
        Originally posted by monkatom View Post
        just spoke to a lawyer and she said do not even worry about teh engagmnet or wedding rings a sthe trustees would not have us pawn them or place them on cosignmnet (sp) as most people would not buy a used engagemnet ring anyway. Hope she is right
        Our lawyer said that my rings could be part of my personal exemption. But remember, they are looking for the pawn shop value - not the cost to replace it or waht you paid. When I looked at it that way, I was able to fit all my jewelry within my allowed exemption. We haven't filed yet but just knowing that the jewelry was safe made me feel better. It's not worth all that much but a lot of my stuff is from my grandmother and mother so it had sentimental value.

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          #5
          I wouldn't worry about it. I was paranoid though re: wearing my wedding band at the 341(my band is all diamonds and sapphires, custom made), so I got a cheapy silver ring to wear just in case. Spent a big 5 dollars on it! Thought it was better to wear that than nothing, to me it looks like I'd have something to hide.

          Its amazing what you can keep for your bk, since the value you state is not the original value. Looking around my home and seeing all the things that I thought I'd lose, got myself soo worked up over nothing.
          "Did you ever feel like your guardian angel went out for a smoke?"
          Filed 9/4/07
          341 10/11/07 Concluded no asset 10/17/07
          Final Date for objections 12/10/07

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            #6
            My attorney suggested that I get an appraisal on my jewelry, which is nothing too great.

            I had a lot of sentimental crap. And the appraisal was for $300. I had the company that does the appraisals for the courts look over the stuff, he said $300 and wanted to charge me $150 for it. I found someone to do an appraisal for a lot lot less.

            But, I have my wedding band, worthless as I'm divorced, but I still get to keep that.
            Filed November 2 2007
            341 Meeting January 4 2008
            DISCHARGED March 11 2008

            Comment


              #7
              Originally posted by BKcrazy View Post
              But, I have my wedding band, worthless as I'm divorced, but I still get to keep that.
              If it's gold (or some other precious metal), keep it. It's not "worthless" in that regard.

              I'm looking into investing in precious metals as one are to put my money.
              Chapter 13 Filed "Old Law"
              Filed: 6/2003 Confirmed: 3/2004
              Early pay off sent: 10/05/2007 - 9 months early
              11/16/2007 - Discharged!

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