Considering going to BK Auction to buy back wedding rings

[KnOmom]

any reason why you didnt / couldnt exempt your rings?

You went off of an appraisal for valuation..which could be why they're coming in so high. Think resale value (i.e., pawn shop), which is how most assign value.

Pandora
We live in FL....so we only have 1k personal property exemption each since we claimed the homestead exemption. My hubby and I only have 2k total that we can exempt . After the 341, our lovely trustee sent out his/her own appraiser. We were one of the "lucky one's" to be chosen for the personal property appraisal. Our attorney valued the rings at 1/2 the retail price on our schedules when we filed which I think was fair but when the appraiser came they valued them close to full retail price. In our district pawn shop value is not always acceptable as in our case. All other personal property was appraised and accepted at or about pawn shop value except the wedding rings. This is because all of the other stuff is crap and not worth the time I suppose...I guess they had to figure out a way to get something out of the estate = to what we paid the attorney to file the case.

[Pandora]

any reason why you didnt / couldnt exempt your rings?

You went off of an appraisal for valuation..which could be why they're coming in so high. Think resale value (i.e., pawn shop), which is how most assign value.

[KnOmom]

Middle District of FL here.....:Has anyone had any experience attending the bankruptcy auction, and successfully buying back your property? Our trustee valued our wedding rings at almost the full retail price. I don't want to lose my weddings rings but do not want give the trustee almost full retail value for them. My attorney says that going to the auction would be our best bet.

I knew the trustee was going after the rings the day of the 341 they are not very expensive rings but its the most expensive thing we have (per the appraisal) which I think was done intentionally and now trustee wants them or wants us to pay to keep them....