Forgotten Asset Help

[HelpMe74]

Hi,

I had a discharge of my bankruptcy back in January 2003. I had purchased a ring in 2001 from a company, who transferred the loan to a credit card company almost immediately. I paid for a while, but then had to declare bankruptcy because of some very nasty circumstances and bad decisions. I started over, great things have been going well. I listed all the assets that I knew about at the time. Recently I ran across this engagment ring I bought for my fiancee at the time (we never married). I forgot to list this on my assets page and am freaking out that the police may who up. The value is probably $800 or so if I were to have sold it at the time. The problem is that it is GIA certified, which means I am VERY scared the credit company will come back after me because it is traceable. Questions.

1. What is going to happen to me, I can barely sleep and this is all I think about.

2. Should I pay them, send it back, do nothing? I want to do the right thing.

3. I beleive it would have been exempt at the time but because I failed to list it, then I am afraid of getting in trouble, what are the reprucussions?

Thank you for all your help, I am scared and nervous of out of my mind. One hand I could send it back, but then they will think I lied. On the other hand, I don't want to not do the right thing. Thoughts commments, anyone ever heard of anything like this.

Thanks.

Jon

[edwards2]

Helpme74 - I am no expert but I think you are worrying for nothing. Your BK was discharged almost 3 years ago. The trustee has one year from the discharge to still graze for assets. Keep in mind too that if the company wanted their asset they would have asked for it...and they didnt. Regardless whether you listed it or not they would have acted on it in some way when you quit paying; apparently they have not. By the way what does GIA certified mean? I personally would do nothing. I had jewelry that was my mothers and I never declared that. I have no clue what it is worth (not thousands)but there was no way I was going to part with the pieces. Relax....

[13inOR]

It does seem like you would have heard from them by now if it was going to be an issue.

[HelpMe74]

Forgotten Asset Help

Thank you for the advice, I have done a good job of not accruing any debt for the last three years, and this has flooded my mind with the memories of how I felt then.

GIA: They ceritfy diamonds (The 4c's), and provide laser inscriptions so if you diamond is lost or stolen you can report it to the police that way, and then if it ever turns up for grading again at their laboratory again for reverifiation they can return it to you and contact the authorities on whoever had it.

That is what has me concerned. I assume the credit company that took over the loan doesn't store a secret database of asset serial numbers that would pop up red flags, but I just am very concerned. One part of me says that even if I had remembered to list it, the value was below my states' minimum, and the other voice in my head says "they are going to come after you for this $800".

I tried to contact my attorney that did it three years ago, but I did anonymously because I am SO worried about it. He said he didn't respond to anonymous email requests. I realize that there isn't any "legal advice" given here, but looking for common sense, which I feel I can't think straight myself now. So in all reality should I worry about it, or just move on?

[SinkingFast]

That laser inscription can be taken care of by a diamond cutter doing a litte buffing on the girdle of the diamond.

Happens all the time. Diamonds are bought, worn, traded in, repolished to clean up any dings or scratches (blot out the laser inscription), and then resubmitted to a Grading Lab for a fresh new Cert. Along with the fresh new Cert comes a fresh new laser inscription.

As long as it's been, if the Creditor was gonna come after you, they woulda by now. It was cheaper to write off that small a debt, relatively speaking, than to pursue you legally to get the money or the ring back.

Just my $0.02 worth.

[brokentex]

If you were engaged at the time, then the ring was given to her and you did not own it anymore. Nothing illegal if she gave you a ring "gift" back because your proposal fell through.

[Minnymouth]

Sleep good at nite, your worrying over NOTHING........

Your case is discharged and closed.......... and it probably would have fell within your exemptions anyways.

Since you have heard nothing from them in 3 years, you won't..... easier to write it off then pay an attorney to sue you....

Quit worrying........

Minny