Engagement ring

[Cali]

I was told I could wear my jewelry since it was exempted, but I didn't.

Most of the people at my 341 had jewelry on.

Definitely don't wear it to the 341 meeting of creditors. As a matter of fact, don't even wear a watch. I noticed many people asking each other what time it was at my 341... LOL!

I didn't have my watch on either.

[justbroke]

At my 341, it was the Chapter 7 folks who mostly were watchless. Interesting though.

[Flamingo]

It really isn't my asset though, my fiance just financed it from the jewelry store in January, he will be paying for it for a long time. It is his asset, not mine. And if he hasn't given it to me yet, but it is listed in the policy, does that still make it my asset?

Have you ever purchased a gift for someone and charged it and gave it to them? Because you are still paying on the gift, does that make it your asset? There have been wars in court over someone keeping an engagement ring when the boyfriend wants it back and lawsuits get filed. Check with your attorney as to what would apply in NY - it's only a simple question. Since it is listed on a rental insurance policy (that makes it a physical asset that has value) that lists two names so both benefit if there was any loss, theft or damage, and now you claim he hasn't given it to you yet, to get the correct information you need, ask an attorney. It is not listed on a rental policy under his name only.

[justbroke]

Of course Flamingo gives great advice and you should seek the advice of an Attorney admitted to the New York State Bar and preferably years of expeirence in Bankruptcy (not Family Law!).

I think the real key here, is that there's no equity in the asset. Let's say he purchased it from a jewelry store that starts with a K. If he were to stop paying, the store would seek to asserts it's purchase-money security interest (automatically perfected at time of purchase) and gain control over the ring, regardless of who he "gifted" it to.

I personally don't consider an engagement ring a gift, but a conditional gift. It attaches a certain agreement (quid-pro-quo) with it. If you marry me (sometime in the future), you get to wear this ring for now and keep it after the relationship is consummated.

This is why I believe that all marriages should have prenups... even if the prenup reads "we share everything".

FYI, my paltry research on this topic shows the New York (along with about 5 other States), consider it a conditional gift, and subject to repossession if the condition isn't met. I have a similar issue. I am in the middle of finalizing my prenup before we get married... before confirmation of my Plan.

[paintinrosesred]

Here is a question... if you "wedding band" is exempt.. regardless of the value (not sure if that is true).. can you exempt your "wedding band" if you don't have an engagement ring? Even though your "wedding band" has a diamond?

I would give your engagement ring back to your boyfriend (because it is not paid off) and wait until after the BK and expect another proposal.

[justbroke]

Here is a question... if you "wedding band" is exempt.. regardless of the value (not sure if that is true).. can you exempt your "wedding band" if you don't have an engagement ring? Even though your "wedding band" has a diamond?

I would give your engagement ring back to your boyfriend (because it is not paid off) and wait until after the BK and expect another proposal.

The exemption is on a wedding "ring" not a 'band", so if your wedding ring is 5 carats and costs $900,000.00 (at least in NY), it's exempt!

I like your "give it back" suggestion! Then, you get another dinner and another "on bended-knee" proposal! This time, maybe you'll say "yes" immediately, instead of "I'll think about it... but can I still wear the ring?" response!

[debtfreeplease]

Thanks guys, thats what I was planning on doing, its just that then I realized its already listed in my renters insurance policy... so do i just say that he hasnt given it to me yet but he wanted me to put it in the policy to protect it just in case?

[justbroke]

Thanks guys, thats what I was planning on doing, its just that then I realized its already listed in my renters insurance policy... so do i just say that he hasnt given it to me yet but he wanted me to put it in the policy to protect it just in case?

here's the kicker. You don't have to say anything. This is the key your lawyer will teach you. Never to elaborate, answer with yes or no. Keep it short and sweat.

The key is, I don't believe you have to disclose it, but you'll have to ask your lawyer about that. It's not like you're trying to hide property. My feeling, is that it's technically not yours, and Bankruptcy is a technical procedure.