I have 15,000 worth of recently purchased jewelry (90 days ago) due to a Bipolar spouse run rampant. My attorney said to value it according to what a pawn shop would buy it from you for. Not retail as suggested from the sticky on how to value exemptions. I took the jewelry to a pawn shop and did not tell the place what I was doing, they said I could get 1500 for it. Apparently the gold is what drives the value, not the stones (unless diamonds) or the workmanship or price you originally paid. My spouse purchased the stuff at Dillards where they have those 80% off sales with an additional 60% savings coupon, etc. I told the guy the truth about why I needed to sell them (just to get a value from him), and he stated that he had testified in court a few times concerning jewelry values, and wrote the value of my stuff down on a piece of paper and signed it. I haven't had my meeting with the lawyer to sign zee papers, but I hope all that floats. The pawn shop guy also said he was overstocked, from handing out money for jewelry. Seems like even if it was worth 15,000, nobody would want to buy it anyway. I wonder what the trustee will do...?
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The mark-up on jewelry is over the top. And as the pawn shop guy said, I'm sure he and others in his position, are over run with jewelry right now. It's a shame you can't return it. I assume you attempted to even with the 30 day policy. I certainly would.
I am not an attorney and have not filed, yet, but what the pawn shop guy said makes sense to me. I suspect your attorney will agree.
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All above is absolutely correct. Return the stuff if you can and then, "it does not exist". Jewelry is one of the worst investments you could own. A new car is the second. I purchased my first wife's engagement ring (we are still friends) in 1963 in a high priced but used jewelry place in Chicago. I 1/4 carrot stone with gold and white gold hearts. It was fifty bucks then and that was a weeks pay for me. It is now worth fifty bucks. You figure. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.
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