Pawning Wedding Ring and BK

[tyson24]

I posted this but I think I posted it in the wrong place. Sorry in advance, but I need to try and understand this.

My wedding ring should be exempted because I live in a state where it is indeed exempted.

My problem is back in April, we had to pay state taxes so I got a loan on it. I had been paying on the loan but my attorney advised me to stop.

Does the fact that it is essentially in pawn change the exemption because it is not in my possession? Does it wreck the filing of my case in about a week?

During our meeting I had forgotten about it and told him a few days after we retained him.

A dream client I am sure I am

I live in MN.

[catleg]

If you want that ring back you'd better keep paying the pawn loan. It is a secured loan. If you don't pay you'll lose the article. If it's an exempt asset I'd try and come up with the cash to reclaim it.

[dumpinmydebt]

My problem is back in April, we had to pay state taxes so I got a loan on it. I had been paying on the loan but my attorney advised me to stop.

Does the fact that it is essentially in pawn change the exemption because it is not in my possession? Does it wreck the filing of my case in about a week?

I live in MN.

A pawn loan is a secured loan, the item securing it is your wedding ring.

You exempt the value minus the loan. So if your ring is worth $1000, and you owe $120 on that loan, you exempt $880, since the $880 is "equity" technically.

Your lawyer will also need to have you reaffirm the loan if you want to keep it. Or keep paying on it or pay it off before the discharge. I would've never stopped paying on it if I wanted to keep it. That's just me though.