My wedding ring

[relief13035]

I have an expensive wedding ring.
Can they take that? I am in California.

[TEW]

How much could you get for it at a garage sale that’s how you estimate the value.

[JRScott]

California has 2 systems.

Under system 1 you can protect up to 5000 dollars in jewelry including heirlooms which a wedding ring could be considered.

Under system 2 up to 1150 in jewelry.

The problem is that even though system 1 might let you keep the ring, you need to look at the total picture and protect assets best you can. Remember bk is not an emotional choice, its a business choice.

Basically for its market value run down to some pawn shops and see what they would give you for it on the spot. Have both of you go and understand its for the bk. Then use that value (unless of course you have it insured for more....).

[ansky0007]

How will they know you have it? My wife is not mentioning her ring and its not on our homeowner policy so there is no way they would even know about it.

[AngelinaCatHub]

It was my understanding that wedding rings were exempt. I was told but could have been told wrong. We never listed our rings. I think they are kind of like a personal item such as a toothbrush. 'Hub

[2Bshinyandnew]

I have an expensive wedding ring.
Can they take that? I am in California.

I was pretty shocked at how little I could get for my jewelry. Gold and platinum are OK on resale, but gemstones??

For my $4000 (that was $4000 in 1989) engagement ring I was offered $300 and then $500 for at local jewelers who had nice big signs in their windows saying, "We buy Estate Pieces". They offered me that pittance while rings that looked identical to mine were commanding $9-$10K. Even if those $10K rings were that much better quality, still I got the whole, no one is buying jewelry, we are in a recession, etc, so maybe that same spiel could be used to your advantage to the trustee, IF they take your ring?

If the Trustee wants my engagement ring, he can have it, I don't personally care, but I am pretty sure jewelry in Florida is covered under the unlimited homestead exemption anyway.

If for some reason your ring is not exempt, I would try and get some offers to purchase it, and see what it could be realistically sold for in today's market.

Whenever I hear stories of trustees taking wedding rings and such, they (the trustees) suddenly take on this image in my mind of a loan shark or thug. It is hard for me to imagine someone taking a beloved ring off of someones finger. I guess it does happen.

Did you ask a lawyer?

[relief13035]

Thank you so much for replying.

I do realize that a wedding ring is "just a possession", but at the same time I have an emotional attachment to it. Of course, it was bought we we HAD MONEY and I HAD a great job. It is not financed.

Should I just not wear it to the 341 meeting?

[keepmine]

If you don't list it on the petition, don't wear it.

[TEW]

Thank you so much for replying.

I do realize that a wedding ring is "just a possession", but at the same time I have an emotional attachment to it. Of course, it was bought we we HAD MONEY and I HAD a great job. It is not financed.

Should I just not wear it to the 341 meeting?

that's an option but like i said how much could you get for it at a garage sale. that's how you estimate the value

[jktrading]

California system 2 also has $21,825 in wilcard exemptions. From what I understand, that is above and beyond the individual listed exemptions, like jewelry and household items under a certain amount.

http://www.bankruptcyca.us/california_bankruptcy_exemptions.html

So, you get a jewelry exemption of $1,350, then the difference of a garage sale price of your ring would go into the $21,825 wildcard exemption.

An example would be if your ring is $4,000 garage sale price, you would take off the $1,350, and dedect $2,650 from the wildcard. Of course, a $4,000 garage sale price would probably translate to 20-30K or more retail.

When I saw my attorney, he asked me what the total of my property was. Actually, he said something like, "most families say they have $3,000-$5,000 in property, is that about right for you?" I said it was more, like $6,000-$8,000. He wrote it down and that's the last I heard. At present, he hasn't asked for an item by item inventory.

[relief13035]

Well - it was a $15k retail wedding ring. Just thinking about selling it at a garage sale is wild. It's been a long time since I have been to a garage sale, but I remember things selling for $20 or less.

We both worked for the same company, made great money, but then both lost our job the same day. Pretty devasting blow. Imagine the drive home that day.

I've done everything I could think of to pay my creditors. I sold my paid off sports car for $17k and every penny went toward my cards. Still wasn't enough money to make ends meet when all you get is unemployment.

I'm not trying to rip anyone off, but my ring is not going to be taken. It won't be on my hand in court - don't want to blind the trustee with diamonds.. LOL

[AngelinaCatHub]

Well - it was a $15k retail wedding ring. Just thinking about selling it at a garage sale is wild. It's been a long time since I have been to a garage sale, but I remember things selling for $20 or less.

We both worked for the same company, made great money, but then both lost our job the same day. Pretty devasting blow. Imagine the drive home that day.

I've done everything I could think of to pay my creditors. I sold my paid off sports car for $17k and every penny went toward my cards. Still wasn't enough money to make ends meet when all you get is unemployment.

I'm not trying to rip anyone off, but my ring is not going to be taken. It won't be on my hand in court - don't want to blind the trustee with diamonds.. LOL

[TEW]

Well - it was a $15k retail wedding ring. Just thinking about selling it at a garage sale is wild. It's been a long time since I have been to a garage sale, but I remember things selling for $20 or less.

We both worked for the same company, made great money, but then both lost our job the same day. Pretty devasting blow. Imagine the drive home that day.

I've done everything I could think of to pay my creditors. I sold my paid off sports car for $17k and every penny went toward my cards. Still wasn't enough money to make ends meet when all you get is unemployment.

I'm not trying to rip anyone off, but my ring is not going to be taken. It won't be on my hand in court - don't want to blind the trustee with diamonds.. LOL

Whats a used wedding ring worth? how much is an OZ of gold worth
is there are market for used wedding bands? ignore that ingraving in there hun

[relief13035]

When we got married in 2003 we had a six-figure income and decided to go to Las Vegas and get married in a small chapel instead of spending a fortune on a wedding. Well my husband surprised me with this gorgeous ring. Remember, at THAT time we could afford it. To me, it's pretty sacred.

One thing I have learned is, that in this economy, those great jobs are disappearing left and right.

I just called the local pawn shop. His answer was "not worth much ma'am, I have more wedding rings than I can handle right now as it is".

[TEW]

When we got married in 2003 we had a six-figure income and decided to go to Las Vegas and get married in a small chapel instead of spending a fortune on a wedding. Well my husband surprised me with this gorgeous ring. Remember, at THAT time we could afford it. To me, it's pretty sacred.

One thing I have learned is, that in this economy, those great jobs are disappearing left and right.

I just called the local pawn shop. His answer was "not worth much ma'am, I have more wedding rings than I can handle right now as it is".

like I said it means a lot to you not much to the trustee.