New assets?

[kartoons19]

I just received a gold ring and gold watch that belonged to my mom, who passed away a few years ago. The person who gave them to me does not know about my bk. I have about $1100 left available under the jewelry exemption. While the sentimental value is priceless, I don't think the value of these two items would be over $1100, but I'm not sure. Should I add this to my list of assets? My 341 is in ten days. Any suggestions you have would be much appreciated.

[despritfreya]

Did you obtain these items as a gift or part of the inheritance?

If they were part of the inheritance which is just now being distributed, you needed to list your rights to a distribution under the will or trust as an asset and the ring and watch would be part of that distribution. You would have to check to see if you can exempt such an asset - the right to an inheritance. If not, the ring and watch belong to the Trustee, not you.

If the ring and watch were inherited by someone else and then given to you as a gift after your filed Chapter 7 they are not assets of the estate as after acquired assets are not property of a Chapter 7 estate with a few exceptions.

[sunshinepa]

This is fairly simple...........take the ring/watch to a jeweler near you, they all buy gold. Ask what they would give you, get it in writing. My sister just sold 6 gold rings to a Gold Buyer (higher than jewelers) and they only got 682.00. If you have 1100 left in jewelry exemption, you should be fine.

Good luck.

[kartoons19]

Thanks for your responses. I'm not sure if these are a gift or part of an inheritance. Yes, they did belong to my mom, but I wasn't aware of them until they were given to me last week. These were not items that were listed in her will for distribution, so does that make them a gift? I will take them to be evaluated, but I doubt they are worth more than $1100. I just want to be honest at my 341 and not raise any flags.