Pawn Shop Issue

[DivorceRuinedMe]

I went to two pawn shops to get a value on my engagement ring for my personal property list. Both places refused to give me a written statement as to how much they would give me for the ring unless I signed a contract to sell them the ring. I live in a kinda desolate area and these were the only 2 pawn shops for quite a ways.

On the brightside, both said it was worth only $200.

So, what's a girl to do in this type of situation. Anyone else run into this?

[325Falcon]

$200 is the value.

[imbroke2]

Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!

[emaretta]

I'm curious about this too...can they make you sell your jewelry if it's of high value?

[chpxiii]

Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!

I would suspect that she would want a *low* value so it can fall under exemptions. ;)

[JollyGG]

Put down $200 and if the trustee asks how you reached that value tell them.

Only worry about a written estimate if it is asked for.

[DivorceRuinedMe]

Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!

I was told to get a "garage sale" value for all my items by my atty. A pawn shop is like a kinda garage sale for stuff like jewelry and the like. Everyone here recommended a pawn shop too. And yes, I need a low value to fall under exemptions.

[DivorceRuinedMe]

Put down $200 and if the trustee asks how you reached that value tell them.

Only worry about a written estimate if it is asked for.

Sounds reasonable to me but then again, reason flies out the window a lot with me lately. LOL.

[wingnut]

Sale value VS. replacement value

Hey,

According to the new OCT 2005 laws, things are valued by sale value now, not replacement or appraisal.

You might want to double check on that though.

Good luck,

Wingnut

[SinkingFast]

I'm curious about this too...can they make you sell your jewelry if it's of high value?

Yep!

Actually, the Court wouldn't have the Debtor/Filer sell an item,......... The Trustee would seize it and sell it in their sale. Our BK Court has a Sale here once a month.

Trustees work with an Auction companies, Brokers, and Real Estate professionals to dispose of non Exempt property and cars.

[SinkingFast]

Put down $200 and if the trustee asks how you reached that value tell them.

Only worry about a written estimate if it is asked for.

Ditto's.

If you wanna be on the safe side, visit a couple of Jewelers and ask them what they would pay, Cash, On The Spot, for your items. Then average the values you get.

For BK purposes, you don't list what things appraise for, or what it would cost to go out and buy new. You value according to like items. What would you pay for an 8 year old sofa and where would you buy it. Garage sales, yard sales, 2nd hand stores, eBay, etc.

Same for jewelry. How much would you get for the ring, bracelet, or necklace in a quick sale situation.

[chpxiii]

For BK purposes, you don't list what things appraise for, or what it would cost to go out and buy new. You value according to like items. What would you pay for an 8 year old sofa and where would you buy it. Garage sales, yard sales, 2nd hand stores, eBay, etc.

That's what I was told to do when I went around valuing my items.

I had like, 4 old computers that were given to me. I asked if I REALLY had to put some value to them because they were OLD and computer values drop FAST. I put like, $25 each. I wasn't asked for written estimates.

I filed "old law," so YMMV.