Engagement/Wedding Ring

[BrokeinCA]

Hi everyone,

This is my first post, but I've learned so much by reading other posts over the last few weeks. I am meeting with a lawyer tomorrow to get more information about Ch. 13, but I was hoping someone could help with a question about valuing an engagement ring for exemption purposes. I went to a pawn shop yesterday to find out how much they would buy it for. He said he would give me about $1500. The ring maker appraised the ring at 11K several years ago. What do trustees usually require when listing jewelry as an exeption. It would never resell in this market for 11K, maybe not even half. So you can see why I'm confused.

Thanks for your help!

[ansky0007]

Is the ring listed in your homeowner insurance?

[StartingOver08]

Make sure your values are garage sale values or pawn shop values. See if the pawn shop will give a written estimate.

[BrokeinCA]

The ring is not on our homeowners yet. I went to the pawn shop yesterday. He would not give me a written quote.

[ansky0007]

If there is no record of the ring and it was not purchased on your credit cards in the past 1-2 years, Maybe you lost it or never had an engagement ring? Just throwing out an idea.

[Flamingo]

Have you given this engagement ring to your fiance? Is she filing bankruptcy also? If you have already given her the ring and she is not involved in your filing, you need to check to see whether or not it can be determined in your state if that is actually your property.

[gogetter76]

If there is no record of the ring and it was not purchased on your credit cards in the past 1-2 years, Maybe you lost it or never had an engagement ring? Just throwing out an idea.

When filing, do they really consider something you bought 10-20-30 years ago?

[dabusted]

If there is no record of the ring and it was not purchased on your credit cards in the past 1-2 years, Maybe you lost it or never had an engagement ring? Just throwing out an idea.

This sounds like a VERY bad idea. Sure, you probably won't get caught, but if you do, "forgetting" about an $11,000 ring risks not just denial of discharge, but also criminal prosecution. It is one thing to use low ball estimates of value; quite another to completely omit a very valuable piece of property.

Keep in mind that most jewelry appraisals by retailers are B.S. Get a written offer for the ring or find comparable sales to value it--I sure it will be much less than 11K.

My 2 cents.

[soleprop]

FWIW - i went to a jewelry reseller (one step or three up from a pawn shop) and got a written appraisal for my engagement ring and all other jewelry items i was concerned about listing. the value was maybe $50 more than what the pawn shop had said. it also looked like a more reputable appraisal on paper for my trustee.

g'luck!

[BrokeinCA]

I retained a lawyer last week and this is what he told me. He said you value the ring at 10% of the purchase price. This values the ring at about what the pawn shop offered.

Thanks everyone for your responses.