Enagagement ring

[2muchinDebt]

Can I keep it? It's worth at least $4,000 maybe more and wedding band is worth about $500. We've been married for 15 years..don't know if that has anything to do with it or not. I do know there are exemptions for those things, but I read in another post that they made another woman surrender her engagement ring, but she ended up getting it back.

[endisnear]

Depends on the allowable exemptions for your state. Best way to find out is to google "bankruptcy exemptins XXXX" (add your state in the x's). Or check the exemptions threads here

[optimistic1]

endisnear is correct.

however, how exactly are you valuing the ring itself?

you should value it based on if you took it to a pawn shop, what would they give you for it?

you could always treat it like it is a cubic zirconia, just kidding.

[2muchinDebt]

I checked out the exemption for my state of VA and it says wedding/engagement rings: all. So it looks like I am safe. I had it appraised by a separate jeweler from where it was bought from. My DH would never buy me cubic zirconia..he knows better.

[optimistic1]

I dont think you understood what I meant buy the cubic zirconia part, but anyway, well then if they dont establish an actual value for the rings, which is surprising, then you are safe.

If they do use a value, don't use an appraisal value, use a pawn shop value.

Also, to be sure, you might wish to consult with an attorney.

[BigJohn]

Just tell them the stone is a Russian Diamond (man made and not as hard as a diamond). The pawn shop will weight it and base the price on the value of gold. If the ring is 18K, then the gold is 18/24 or 3/4 gold. If gold is going for $800.00 and weights 1/2 ounce (14 grams) then it is worth 3/4 X 800 X 1/2 or $300.00. The pawn shop will probably give you $50.00 to $75.00 for the ring.

[optimistic1]

Like BigJohn said, I didnt want to be so blunt about it.

2muchindebt,

I suppose it all depends on what specific district in VA BK Court you are planning on filing in. A quick check on one particular website, I cant validate the information though. The exemption is as follows.

Other Personal Property
Family bible; wedding and engagement rings; family portraits and heirlooms not to exceed $5,000 in value

Quite generous indeed, considering that here in Arizona it is only $1000 per person for rings. Now, my wifes ring is "worth" more than that, however, we are not using that value, and she has a much lower grade engagement ring that I bought for her 10 years ago, and that ring will be worn to the 341 meeting, just in case.