Engagement ring

[debtfreeplease]

So I was going to "lose" my engagement ring before I file, as I've read a lot of you did. But I just realized, I have it in my renters insurance policy, listed as a replacement value of $4200. Is there anyway the trustee could find out about this? I'm freaking out because I cannot give up my engagement ring! My fiance is still making payments on it!

[debtfreeplease]

Maybe my fiance and I will break up, and I can take it off the policy? Is there anyway they can find out about this?

[justbroke]

Maybe my fiance and I will break up, and I can take it off the policy? Is there anyway they can find out about this?

[WoodSprite]

In New York, wedding bands are definitely exempt.

Again, I'm no lawyer, but that's how I'd fight it as a property issue. The property not being mine until consummation of an agreement (to get married).

Sounds like an argument that might hold water in court, if you've got the stomach for that sort of risk. Gives me the willies.

According to my lawyer, in New York:

[BROKENN]

Hmmmm, go have it welded to the band? I did it just cause I'm hard on stuff
Soon to be hubby hold onto it until marriage ceremony?

[justbroke]

Sounds like an argument that might hold water in court, if you've got the stomach for that sort of risk. Gives me the willies.

According to my lawyer, in New York:

"A wedding ring is fully exempt, whatever it’s value. But you’d better be careful, because an engagement ring, that is not part of the wedding band, and was not given in the wedding ceremony, is not exempt, and can be taken right off your finger by the trustee at the meeting of creditors."

Your quote is accurate for NY. However, it assumes the marriage was "consummated", but including the must be "part of" as if part of a set.

[Over our heads]

This is jmo, BUT..if she hasn't yet infact married the man, then the ring isn't rightfully hers. In all honesty, should she idk sell it and pocket the money, he would again IMO have the right to accuse her of theft.

If you are positive of getting married, pick your wedding band, have them sodered (sp..i am not a welder....) together, then essentially it is part of the wedding band and should be exempt.

Just my thinks as a woman who loves her rings .

This is what I did. My mother had bought a ring in a fit of divorce depression, she decided she didn't like it. I however *adore* it. I have worn it since I was 14, but for all intents and purposes, I do not own it until my mother dies. So tho I feel utterly naked now, that ring is visiting my mother until we have this mess taken care of. And since she is a young 52, I don't expect her to go dropping dead in the next year.

[Cali]

The OP isn't married yet so the ring doesn't fit under the exempt part.

And the ring belongs to the fiance.

My rings were exempt under the homestead/wildcard.

[WoodSprite]

Your quote is accurate for NY. However, it assumes the marriage was "consummated", but including the must be "part of" as if part of a set.

Right...sorry, I didn't make that clear. In this case, as long as they don't get married until after discharge, a case could be made that the ring belongs to her fiance, especially since he's still paying for it.

If it were me, I sure wouldn't wear it to the 341!

[WoodSprite]

But I just realized, I have it in my renters insurance policy, listed as a replacement value of $4200.

Argh...missed this detail! Shoot, debtfreeplease - do you guys live together? Is his name on the renter's insurance?

[justbroke]

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.

[debtfreeplease]

Woodsprite, we do live together, we are not getting married for a year. My name is on the renters insurance, however he is listed as a non-relative resident. Does this make a difference? I wonder if I should call my insurance and have the ring taken off. Will the trustee even be looking at my renters insurance policy?

[justbroke]

Woodsprite, we do live together, we are not getting married for a year. My name is on the renters insurance, however he is listed as a non-relative resident. Does this make a difference? I wonder if I should call my insurance and have the ring taken off. Will the trustee even be looking at my renters insurance policy?

The Trustee, generally, will only look at insurance policies which protect the Debtor (life, medical, etc), and policies which protect property of the Estate (cars, homes, luxury items).

So, they won't ask for a Renter's Policy. I never showed mine. I have two Home Owner's policies and one Renter's Policy. They only asked for the Home Owner's Policies protecting the assets listed in my Plan.

I don't think you have any need for cause. Don't list it as an asset, because it isn't yours. Don't wear it to the 341, and you won't have to explain it.

[Flamingo]

Check with your attorney on this. It all depends on NY exemptions, etc. You will be asked for a list of assets - since you are wearing the ring and it was given to you by someone else, it could be considered your asset. Turn this around and figure out how it would be considered if it it was your fiance who was filing and not you - I highly doubt if they would consider it to be his asset as it is not in his possession. It is in yours. Your attorney can advise you how all this will be handled. Also mention to him that the ring is listed on your renters insurance policy. Since you have it listed on there, it is an asset.

[debtfreeplease]

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?