pawn shops

[bigtim6656]

I got to thinking about some stuff I have in a pawn shop. I got a pawn for 400 bucks on it and planned to get it out before I file.

Should I get it out and just keep my recipet from where I paid for it or leave it in and use the monthly expense as a expense?

I am thinking about going ahead and getting it out, but do not want to mess something up.

Also can I use what they loaned me on each item as the value?

[tcreegan]

pawn shop

Hello again bigtime !!

Also can I use what they loaned me on each item as the value?

Yes, no one is going to argue that value, pawn shop guys know what is worth what.

If I remember from your previous posts, you have a big-ticket muzzle loader in there. If you get it out (yes, I know hunting season is upon us) make sure you have enough in your wildcard to exempt it.

What is the status of items in the pawnshop during BK is an excellent question.

Anybody with experience with pawn shops and BK?

Tom in Colo

[bigtim6656]

I think I can exempt it. I should be ok on everything in. They gave me 400 for my muzzy which itself was 500 new 300 for the scope, my compound buy with everything it was about 600 new back in the day (4 years old) and my ruger 10/22. I think if I get them out I will ask him to give me a printed value on each item should make things easy.

Hello again bigtime !!

Also can I use what they loaned me on each item as the value?

Yes, no one is going to argue that value, pawn shop guys know what is worth what.

If I remember from your previous posts, you have a big-ticket muzzle loader in there. If you get it out (yes, I know hunting season is upon us) make sure you have enough in your wildcard to exempt it.

What is the status of items in the pawnshop during BK is an excellent question.

Anybody with experience with pawn shops and BK?

Tom in Colo

[Pandora]

Hello again bigtime !!

Also can I use what they loaned me on each item as the value?

Yes, no one is going to argue that value, pawn shop guys know what is worth what.

If I remember from your previous posts, you have a big-ticket muzzle loader in there. If you get it out (yes, I know hunting season is upon us) make sure you have enough in your wildcard to exempt it.

What is the status of items in the pawnshop during BK is an excellent question.

Anybody with experience with pawn shops and BK?

Tom in Colo

There was an entire discussion regarding this very topic on one of the OP's other threads today

Generally speaking - pawn shops will value the items lower than what they are worth if you're selling them outright to them (they have to make a buck on profit too) - however if you're outright borrowing against it, they will loan up to its value in most instances if you plan on getting it out of hock. Then there is always that "extenuating circumstance" of sorts - should you decide to extend your loan/pawn out for 30 days - the cost goes up that you owe the shop.

As far as BK is concerned, with a Ch. 7 - if you file and the pawn loan is up to date then the property becomes part of your estate and you must claim it as such. If however, you file but are not current on your loan and the property and any titles and/or re-registration (if applicable) have transferred, the items are no longer part of the estate.

[bigtim6656]

RIght now I am paying month to month with 90 days owed. (this pawnshop lets you go for 90 days before you make a payment. They have been sitting there since march at 80 bucks a month

There was an entire discussion regarding this very topic on one of the OP's other threads today

Generally speaking - pawn shops will value the items lower than what they are worth if you're selling them outright to them (they have to make a buck on profit too) - however if you're outright borrowing against it, they will loan up to its value in most instances if you plan on getting it out of hock. Then there is always that "extenuating circumstance" of sorts - should you decide to extend your loan/pawn out for 30 days - the cost goes up that you owe the shop.

As far as BK is concerned, with a Ch. 7 - if you file and the pawn loan is up to date then the property becomes part of your estate and you must claim it as such. If however, you file but are not current on your loan and the property and any titles and/or re-registration (if applicable) have transferred, the items are no longer part of the estate.

[bigtim6656]

I think I will go ahead and get them out. With hunting season coming up and I do not want to pay the 80 bucks a month while in bk since I can get them out this month.

I had a few questions and figured a thread would get the answers quicker then the other thread.