Pawned Item

[linznmatt]

[SinkingFast]

The ring,.......... Not sure.

There's one big thing to consider about your ring,........... Will you have enough Exemption to cover it??!!

Because you pawned your ring, that kinda sets a value for you to have to be able to cover with an Exemption.

In most cases, with jewelry, unless you have a sizeable, certified diamond or other certed precious stones, you can get away with scrap value. That's pretty much what any jeweler will pay you when you try to sell direct to a jewelry store.

Pawn shops tend to pay between 10%-30% of FMV for a piece of jewelry. Trustees will know that because they deal with sellers all the time. They have Realtors that sell homes and Auctioneers that sell cars and other items for them. That means your ring could be worth between $1500 and $5K, retail.

Add to that,.............. Filing during tax season, Trustees automatically expect to get your income tax refund. If you get your refund, spend it, and then file, you'd better have receipts for what you spent the money on. AND,........ You'd better have bought necessities or paid your attny's and filing fees.

Maybe others will have different perspectives for you.

Either way, I'd suggest you definitely ask your attny about this situation. This may fall into the "Local Rules" area. Your attny may know that the Trustees in your Court would totally sympathize with you wanting your wedding ring back. Or, the Trustees in your Court may be Hard A**es, out for every penny they can get.

[SinkingFast]

Forgot to address the car issue.

Do not take title to the car your parents buy you into your names.

If you do, that's an asset you own, free and clear. You'll have to be sure you have enough Motor Vehicle Exemption to cover it. AND,...... You'll have to disclose the fact that you "bought" or were gifted the car as well. Property transfers within a year of filing BK have to be disclosed.

[sofarindebt]

I am in the same situation as you.

I took a loan out on my wedding ring for $650. They can have my tax money back all they want, the IRS has a hold on it because I owe $1500 back taxes!!!

ha!

[lrprn]

Hi all-

I pawned my wedding ring in November for $500.00. I would like to use part of my tax return to buy it back in February ($750.00) and we will be filing BK in March. Is that okay to do? If not, what are the ramifications of my doing it?(

We got our 2005 federal tax refund back (about $1K) in March 06 before we filed Ch 13 in June 06. Our lawyer said since we received the return before we filed, to spend the money on "legitimate and acceptable" living expenses - repair our cars, buy sorely needed clothes, replace appliances, etc - and keep receipts in case the trustee ever asked us about what we did with it. It's December and although we've had other unrelated issues with our case, our trustee has never asked us a single question about our tax refund for 2005 (and he had our returns for the last two years - he knows we received it).

Ask your lawyer about what's ok to do in this situation and follow his/her advice. They know what is acceptable and what isn't in your district. (And I hope getting your wedding ring back from the pawn shop is ok - it positively breaks my heart to think of you having to sell it...sniff!...you must have been desperate!)

[SinkingFast]

(And I hope getting your wedding ring back from the pawn shop is ok - it positively breaks my heart to think of you having to sell it...sniff!...you must have been desperate!)

Dittos from me too, Linznmatt.

I'm a member of the "Sold my Wedding Ring to pay bills" Club. I know how you feel.