Valuation of Engagement Ring

[yellowstone]

We are considering filing for BK and would appreciate insights into how much value to put on our engagement ring. (I say our's because we're in a community property state). Is there a basic rule of thumb for what percentage of original cost we should use? I think the original price was around $6,000

[JJL]

I mentioned that The only jewelry I owned was a former engagement ring I took back (why not?) My attorney just said to approximate its value. Of course this ring is worth about $600 not $6000 lol

[StartingOver08]

Use pawn shop prices. A $6000 ring value to a pawn shop (quick sale value) is around $300 maybe. Check it out.

[yellowstone]

so i should take the ring to a pawn shop and ask how much they would give us for it, then use that number?

[d80indebt]

It wouldn't hurt. See if you can have them document it, too.

[AngelinaCatHub]

Most always, your wedding set unless particularly spectacular, is not even considered. We never listed ours nor would we part with them. I think but am not sure, that they are exempted. I would need confirmation on that. 'Hub

[relief13035]

I've posted previously that I have a very expensive wedding set. The purchase price was $15,000. I listed it at $1500, since I figured 10% would be about right at a pawn shop. The advice that I received on the forum was to not wear it to the 341 meeting. I left it at home and wore a simple ring instead. I think it was good advice so that the ring didn't draw attention to the trustee.