My BK and my fiancee's engagement ring

[JimH]

get an appraisal and go from that. maybe you got a "bad deal" who knows.

I had an independent appraisal to verify I was getting a good deal and it came back $1,800 higher than what I paid. So I don't think that is going to work. As it turns out my fiancee's step-sister has worked at a jewelry store for many years - didn't know that. I am trying to talk her into asking her sis for a favor. What I would like is for the store to buy it off me and then kindly sell it back to me afterwards. We'll see.

[StaciMM]

Jim-if that happens, just document the $ and where it goes.

[bkfiler]

i prob missed something in the thread, and i bet its the part were you are only allowed so much for jewelery exemption - but if you turn it into cash then do you have enough for the cash exemption. it just doesnt go away cuz you sold it. also, as a business they must be concerned about trying to defraud the federal government and the courts. bk is a federal issue and you dont want to mess with them. be careful and be sure for your own good.

having said that... why not act like it got stolen

[StaciMM]

If you pawn it, it becomes a secured debt...

[JimH]

i prob missed something in the thread, and i bet its the part were you are only allowed so much for jewelery exemption - but if you turn it into cash then do you have enough for the cash exemption. it just doesnt go away cuz you sold it. also, as a business they must be concerned about trying to defraud the federal government and the courts. bk is a federal issue and you dont want to mess with them. be careful and be sure for your own good.

having said that... why not act like it got stolen

Well my fiancee doesn't want her family to know about my bk so that idea is out anyways.

Hmmm .... stolen? Nice try. The diamond has a registered AGS serial number laser cut into its girdle. If it is ever "stolen", it will eventually resurface. It wouldn't be good if it resurfaced on my new wife's hand.


An interesting twist has come into all of this - technically I didn't purchase the ring - the corp did through an EFT from the corp checking acct. Hmmm..... I need to talk with an atty.

[JimH]

If you pawn it, it becomes a secured debt...

Now that's a good idea.

[sassy]

Are you planning to file personal as well as corporate BK and does your finance know about the problems? Not a good idea to keep secrets if you are planning on getting married. Also, it is amazing how long you can put off creditors and prolong filing BK. Maybe you can put more distance between filing BK and the ring purchase unless you are desperate to file. Would getting married actually help with the ring issue or would her income hurt and would her credit suffer? Obviously, if she has good credit, no reason to ruin it, even for a ring. Maybe she'll understand and you can put your past problems behind you and then get a new ring. Love is supposed to be more important than money (or rings). Right? If she doesn't understand, would than concern you about the future? I think the real issue is the relationship, not the ring.

[JimH]

Are you planning to file personal as well as corporate BK and does your finance know about the problems? Not a good idea to keep secrets if you are planning on getting married. Also, it is amazing how long you can put off creditors and prolong filing BK. Maybe you can put more distance between filing BK and the ring purchase unless you are desperate to file. Would getting married actually help with the ring issue or would her income hurt and would her credit suffer? Obviously, if she has good credit, no reason to ruin it, even for a ring. Maybe she'll understand and you can put your past problems behind you and then get a new ring. Love is supposed to be more important than money (or rings). Right? If she doesn't understand, would than concern you about the future? I think the real issue is the relationship, not the ring.

Her and I do not have any secrets between us. My whole family knows but she doesn't want her step-sister to know. The bk can't wait because I will pass the means test right now but usually would not. The ring is pretty important to keep if for no other reason than if I lose it I'll have to buy another. Right now I have the oportunity to buy it for less than I paid.

[JimH]

After a meeting with two atty's the ring may not be at risk since it was bought by my corp. To get at the ring (and my vehicles and equipment), the trustee would be required to liquidate the whole corp and pay off its debt first before any personal debt could be paid from the liquidation. The corp owes more than it's worth so this probably won't happen. I stumbled into a very grey area since my personal creditors have suffered no loss by the purchase of the ring. It may not even have to be disclosed. I'm letting the atty's decide that.