Renters Insurance

[debtfreeplease]

Does anyone look at your renters insurance during a chapter 7 bankruptcy?

[TEW]

No they would not need to. Are you talking about clamed assets in it?

[debtfreeplease]

Well there is a rider in it for $4200 of jewelry...

[justbroke]

Isn't this the same question from yesterday or two days ago?

I've never heard of anyone (any Trustee) looking at Renter's policies. I have also never studied or researched any cases on Renter's policies in Bankruptcy.

The only time that I know the Trustee looks at non-life insurance policies, are ones that are required to provide Adequate Protection for secured claims.

[debtfreeplease]

Yes a similar question, thanks for your answer. I am just so worried about losing the ring, I absolutely cannot lose it. Since there is a lien on the ring in someone else's name, do you think this affects it?

[TEW]

that means they will cover that much I am fairly sure.

[justbroke]

Yes a similar question, thanks for your answer. I am just so worried about losing the ring, I absolutely cannot lose it. Since there is a lien on the ring in someone else's name, do you think this affects it?

Get married tomorrow?

My amateur reading is that if you don't own it free and clear, because he's making payments, it's still pledged as security against the loan, then it can't become property of your bankruptcy estate! It's encumbered by a lien on it (the purchase-money security interest that the finance company has on it)

[debtfreeplease]

So since the ring is technically his and in his name, do i have to list it as an asset?

[justbroke]

So since the ring is technically his and in his name, do i have to list it as an asset?

It's a question for a lawyer who is giving you legal advise. I'm giving you personal, not legal advice.

I wouldn't list it. I personally wouldn't consider it mine until the relationship is consummated by marriage. I would consider it as "un-matured". As such, it would mature when you actually get married (at a future time). At that time, you may have it "permanently" part of your wedding band by having them joined together (welded/soldered). At that point it's exempt in New York State.

I would say, technically, it's an un-matured exempt asset.

When you get married, your husband will take the engagement ring from you and make it part of your wedding ring. Hence, when it becomes yours, it will be an exempt asset.

That's just my Internet talk, of course.

[BROKENN]

We gave you lots of answers in the other thread with solutions. Pick one and all will be ok

[rock_lobster!]

We gave you lots of answers in the other thread with solutions. Pick one and all will be ok

My hero.

[debtfreeplease]

Thanks everyone