Considering going to BK Auction to buy back wedding rings

[LadyInTheRed]

Are you filing 7 or 13? I'm in Florida and this is not easing my fears!

Are you in the Middle District of Florida? That trustee there is known for aggressively pursuing assets in Chap 7 cases.

It sounds from your other post like you will be filing a Chap 13. In a Chap 13, you can keep all of your assets as long as your plan pays unsecured creditors an amount equal to at least the value of your non-exempt assets. If you have $43,000 in unsecured debt and will be paying 100% of that in your plan, you don't have to worry about your assets unless you have some pretty valuable stuff.

[4forme]

Are you filing 7 or 13? I'm in Florida and this is not easing my fears!

[dneil]

I didn't know that they could take items of adornment?? In Michigan, wedding rings are off limits. But personally, if they wanted ours.. I would have said go right on ahead and take them.... after I rubbed them on my dogs butt. ;)

[KnOmom]

Thanks for the well wishes everyone. I will keep you all posted on the outcome. I guess it is what it is...

[Pandora]

KnOMom, I think you should go to the auction and know before you get there what the maximum is you are willing to pay. Start low and don't go over your max. I really doubt anyone is going to go there and spend much on used jewelery. But, if you do get outbid, get replacements and renew your vows as you place them on each other's fingers. Sounds like a very romantic fresh start!

Now why didnt I think of that? LOL See.. I knew you were all "romantic-y" (is that a word?! well it is now ) deep down

Awesome idea!

[pookiebear]

That is so MEAN...wow, my heart goes out to you. This is one of my fears...I really can't part with my wedding ring, I know how you feel. I am so sorry. I hope that mean person has some karma to get'em. WOW! Please let us know the outcome of this. (((HUGS)))

[jst4f]

Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

LITR, great way of looking in an upbeat way at a downbeat sitch.

Tobee, what the heck is gmta?

I have to agree. How can a trustee sell a house that has negative realizable equity? In the very sad case of the wedding rings and the RV case, the trustee had no real risk since they were not encumbered by a loan. The only risk is that the exemption is higher than the value. Would the trustee have to write a check for the full amount of the exemption if the sale is less than the exemption? But on a house, the bank would issue a 1099 to the trustee for any forgiven debt and the trustee would have to pay taxes. They don't get the BK tax benefit. I believe that the banks could demand full payment of the loan or deny the sale. A trustee can't short sale a house. Property is to be sold tax for the benefit of the unsecured creditors and not as a punishment to the debtor.

What is done is done so by all means go bid on the wedding rings and best of luck.

[tobee43]

Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

LITR, great way of looking in an upbeat way at a downbeat sitch.

Tobee, what the heck is gmta?

LOL!!! GMTA= GREAT MINDS THINK ALIKE...sometimes LOL!!!!

[keepsmiling]

Ay ay ay ay ay. Florida... has gone crazy. That just SUCKS and breaks my heart. I do NOT understand how they can take the house if there is NO equity. Isn't that just the most bass-ackwards thing I have ever heard, and what the HE** would be the point? These tt's are playing down and dirty.

Somebody needs to make some noise about this down there. JB, I know you disagree, but curious to hear your views on this. This is no better than the recent RV debacle.

LITR, great way of looking in an upbeat way at a downbeat sitch.

Tobee, what the heck is gmta?

[LadyInTheRed]

KnOMom, I think you should go to the auction and know before you get there what the maximum is you are willing to pay. Start low and don't go over your max. I really doubt anyone is going to go there and spend much on used jewelery. But, if you do get outbid, get replacements and renew your vows as you place them on each other's fingers. Sounds like a very romantic fresh start!

[tobee43]

wow, you'd think at least wedding rings would be exempt after a certain amount of time. Seriously? That sucks big time. Makes one want to have lost them. Yes, i know it would not be honest but taking your wedding rings...that's cold.

gmta!!!

[mountanddo]

Wow, you'd think at least wedding rings would be exempt after a certain amount of time. Seriously? That sucks big time. Makes one want to have lost them. yes, I know it would not be honest but taking your wedding rings...that's cold.

[tobee43]

florida is getting worse by the day. but you're wedding rings.....ahhhhhhhh i'm so sorry!!!! we are also in the middle district and i know it's getting harder and harder in this area if you claim the homestead. and, as you pointed out, and while pandora's idea about not claiming it because it's underwater, well, you're right, they would snatch it up and attempt a to sell it in this horrible market. (a house just went for 60k in this neighborhood and it sold in 2005 for 383k...) now geesh what would a trustee get out of that???

a whole lot of nothing!

ahhhhhhhh but to take your wedding rings.. breaks my heart for you!

[KnOmom]

ouch.... that sucks! I forget FL has such stingy limits. Did you ever ask why you had to claim homestead since you had no equity in your home? It sounds like your trustee is trying to strong-arm you (from reading your prev. posts); I've heard that you can purchase property back and make payments to the trustee in some instances, so perhaps you can buy your rings back.

I hope your Trustee ends up with massive boils everywhere - what a crappy thing to do - take wedding rings. Ugh.

(major hugs to you)

Thanks Pandora! Yes, we can buy the rings from the trustee but we do not want to pay full retail value for them again . It's not fair! Yes, I did inquire why we had to claim the homestead even though we are under water by about 8k. Our attorney said the trustee would then have the option to take the home and that they may very well act up on it and that most people do not chance it. We didn't want to chance it so chose to use the homestead. We only bought the home a year before we filed so I think that may have had something to do with it though but not sure. I am hoping someone here will share their experiece about successfully buying back their stuff at the bk auction. I will be heartbroken if I have to give them up but I am not willing to pay full retail value for them all over again.

[Pandora]

ouch.... that sucks! I forget FL has such stingy limits. Did you ever ask why you had to claim homestead since you had no equity in your home? It sounds like your trustee is trying to strong-arm you (from reading your prev. posts); I've heard that you can purchase property back and make payments to the trustee in some instances, so perhaps you can buy your rings back.

I hope your Trustee ends up with massive boils everywhere - what a crappy thing to do - take wedding rings. Ugh.

(major hugs to you)