Please weigh in on this...opinions needed!

[hopefulrelief]

O.K...good news, the trustee came back today and said he is not interested in our house r my wedding ring, the direct quote from our attny was "your obligation to the BK court and to the trustee is over." He went on to explaint the things that will happen next...discharge date around June 13th, creditors have til July 30 to notify trustee they want a part of asset. I immediately emailed him back and asked if this means we can sell our car...it is killing us and we don't know if we can cont payments until June (don't want either). We ahve not reaffirmed yet, papers ave not been sent. Trustee did not ask about our cars. Our attny said we can "do what ever we want to do with the car. You do not need to wait" (until our discharge. We think there is a chance we may be able to make a thousand $ on the car...are we nuts to presue selling before our discharge? Our attny is EXTREMELY smart, been wonderful ever step of the way, quotes a million cases to back up what he is explaining, and most of all he is very conserative. His senior partner is a trustee...obviously not ours! What do you all think? My husband is saying we should try to hold on and wait it out...I am on the fence. I do trust our attorney...
hopeful

[DivorceRuinedMe]

I'm so happy it turned out well with your house and ring. If you don't mind me asking (and you can private message me if you don't want to share the details here) what your ring was like? I have an engagement ring that I am terrified of losing. I even have resigned myself that I'm going to lose it. I thought about just taking it off and putting it in it's box so I just get it over with. LOL. My ring is worth 7K appraised (which is what we paid for it minus trade in of another ring) and I KNOW that it's not worth that for resale. So I'm curious how much I would get for my ring if I did like you and took it to a jeweler and asked how much they'd give me for it. I could just do that but I'm terrified of what they will say. I only get 1K exemption in FL for ALL my personal property so it's tight - REALLY tight. I just know my ring is gonna go bye bye.

[hopefulrelief]

DRM...
Hi, I don't mind sharing at all. The ring has a marquee center stone...a bit over 1 ct. The band has princess cut /baguettes. not sure of the total ct for whole ring. It was appraised for insurance purposes at $7900.00, can't exactly remember but think he paid around $6000.00 for it(broker friend)...11 yrs ago! I am in MO and the exemption was $1500.00 I took it to 2 jewelers and was told $1525 by one and $1610 by the other. I think your case sound close to ours...you may be close. Wish you had that extra $500. Our attny said worst case the trustee may have me buy the ring back for what I couldn't exempt...$110. He left it alone thankfully. I would have found a way to pay it but so glad that that extra $110 can go toward groceries at this point!! So...hopefully you are OK but if you have to buy a bit back you shouldn't have to get rid of it. I wore my ring to the 341...many family members in retrospect asked why I wore it...some asked why I ever told anyone I had it. I was not about to commit bk fraud...I am not interested in jail! I kinda kicked myself for wearing it to the 341 because he had me hold up my hand to check it out! But....he would have probably seen it on paper and persued anyway!!
Hope all turns out fine in your case...I was extremely relieved!

[DivorceRuinedMe]

Wow - you've given me some hope! I am going to meet with a new atty on Friday and I'll run it by her. And you were so brave to wear it to the 341. You've got guts girl!

[hopefulrelief]

Guts or stupidity!!!! LOL!

[CindyLou]

When you get the appriasals be sure and tell them the reason. They will always go on the high side for insurance purposes!! You wouldn't want them to think they were "helping you out" by giving you a higher value.

[spell]

By earning $1000, do you expect to get at or near the value listed on your petition?
I'd base your plan off of your answer to that question.

[hopefulrelief]

Hummm...
I think the value we listed was what we owe, we have only had the car a yr and 1/2. Basically we listed what we owed not really thinking there would be any equity but found out since after researching there may be some. The trustee did not express any interest at all in either of our cars and the other on has probably about 4K equity...we owe 10K and could probably sell for 14K. We disclosed this on our schedules and he didn't ask us anything about it.
Hopeful