Scared they will take my wedding rings

[NewPage]

I'm in Oregon and will be filing single, even though I am married. I don't fully understand exemptions and one thing I am most worried about is my wedding rings. It's just a solitaire and plain band, but the diamond is nice. It's my only real jewelry.

Could someone tell me how I exempt that? And how do they know the value?

[Tartbird]

I can't imagine you would have to worry about that? Check the exemptions allowed for your state.

[blessed]

How much do you think you'd get for it at a pawn shop?

My set was about $4000 retail and the attorney thinks I'd barely get $500 for it at a pawn shop... the exemption is $1500 for personal property in my state.

[LALADY]

If you go with state versus federal exemptions
clothing, jewelry, personal items to $1,800 total in Oregon

[NewPage]

How much do you think you'd get for it at a pawn shop?

My set was about $4000 retail and the attorney thinks I'd barely get $500 for it at a pawn shop... the exemption is $1500 for personal property in my state.

I don't know, actually. I tend to think retail pricing on something like that -- I did not know it was pawn shop pricing?

[lrprn]

I don't know, actually. I tend to think retail pricing on something like that -- I did not know it was pawn shop pricing?

Most bk lawyers will tell you to value it like you were selling it at a garage sale or on eBay. Your wedding ring is not worth whatever you paid for it originally, so don't use the original cost when you put your paperwork together for filing.

There are some trustees who might ask you to have the ring valued by a jeweler. If this happens to you, be sure the jeweler does *NOT* give you the amount to insure the ring for. Instead ask for an estimate of what the ring is worth if you traded it in on another piece of jewelry or sold it today.

If you are still worried, then leave your wedding ring at home and substitute another ring when you go to your 341 meeting

[tigergem]

I don't know, actually. I tend to think retail pricing on something like that -- I did not know it was pawn shop pricing?

Yeah, it is. Go ahead and take it to a pawn shop and see what they will give you for it. Then you'll know how to value it.

[keptdigging]

The relevant value to the trustee is what he/she can get for it. If you claim a $500 exemption, then he has to give you $500 if he takes it anyway. And as a practical matter if you exempt for $500 and he can get $600, he probably still has better things to do with his time.