Wedding Rings

[Fallonedward]

Basing present-day value on the retail price from 22 years ago doesn't make much sense. Your ring has some value for its precious-metals content (especially with gold at $1225/oz), and some for its design, but retail markup rates on jewelry are extremely high, and original-price-times-inflation doesn't take into account any wear on the ring, nor any personalization (engraving names/dates inside).

That said, the pawnshop is probably offering no more than a percentage of salvage value. The only time I saw one buying scrap gold jewelry off someone, they were offering less than one-sixth the value of the gold content alone.

I think I'm going to have to fight with the attorney on this as I'm missing 2 of the side diamonds and at most I'm willing to say its worth $1200 on the $900 we paid for it 22 years ago

[MsNeLaw]

They're not going to take your wedding rings, guys. Not unless you have something worth a LOT of money and they can sell it and disburse the money to your creditors. IF you have a 50K ring and IF they can get that much money for it, that's a different story.

If you have a big honking diamond on your wedding ring, don't wear it to the 341 creditors meeting, for sure!

[tobee43]

i'm NOT suggesting this...but i do know someone that put their ring in their pillowcase and put a tiny thin little gold band until her bk was over....guess she was sleeping on it???

it's just NOT good to lie. i really don't think unless you have like a 3 ct. platinum ring!

[ccsjoe]

According to my attorney, the following parameters are used (maybe district specific, don't know):

My wife's engagement ring cost me 3800 and is insured and appraised at 18700. Accordingly, we use the purchase value, divide it by 4 and voila, presto. So her almost 20K ring is listed as an exempt asset at 950.

Again don't know if this is district specific, but hope it helps