Wedding ring

[325Falcon]

NH jewerly exemtion is $500, Wifes wedding ring is worth more. Are trustees known for taking wedding rings?

[chpxiii]

325Falcon, I don't know the answer to your question, that's a good question. But seriously... if a trustee takes one's wedding ring to pay off creditors, that's pretty messed up.

Let us know what you find out.

[desperate&broke]

OMG! I hadn't even thought of this....
This is messed up if they do

[JollyGG]

Wow, I looked up NH exemptions. I wish I had an answer for you. No wildcard and not great exemptions.
This sounds like it may be one of those questions best asked of a lawyer who is familiar with the ins and outs of your particular area.
Also remember that we are talking pawn shop prices here. You don't want to go off of an insurance apprasial or anything.
Take your ring to 3 or 4 pawn shops and ask them what they would give you for it. That will give you idea on the value you are dealing with above and beyond the $500 exemption.

[Cassiopeia]

Sticky, sticky, sticky.......

I'd be kinda tempted to pretend it didn't exist.

[DivorceRuinedMe]

I have the same problem with my engagement ring. I haven't gone to pawn shops yet but I just know that it's worth more than I'm going to be able to exempt. FL only has 1K of personal property exemptions and that's for ALL of one's property (including furniture and everything else!) so I'm screwed. I know I'm going to lose it. And I'm not going to lie and have the trustee potentially find out about it and then put my whole case in jeopardy. It's just not worth it to me. I am really sad though. No one ever said filing for BK was for whimps right?!?

[Boscoe]

simple, don't wear it to your lawyer's office and definitely don't wear it to your 341.....include it with your jewelry exemptions and keep it under the exempt amount....

The code should exempt all wedding and engagement rings, period. But use what is given to you and nothing more.

[SinkingFast]

Go to a jewelry store or pawn shop and ask what the Dealer would pay Cash, on the spot, to buy the ring.

Unless you have a larger sized, Certified diamond, chances are the offer isn't gonna be very high.

Just as an example for you,............ I have a GF who just sold her old, STBX wedding set. Half carat diamond and band set in 14K Gold. She got $300 total for the set. Cash on the spot.

[sweet1evie]

I'm about to find out

We are filing and had our first visit with the attorney. She checked my ring (I saw her eying it). Thing is we owe the jewelry store Friedman's who is filing bankruptcy about 3 grand for the wedding set, his wedding band and a few other pieces we had a loan for. What a crazy debt because the interest has been outrageous! Anyhow, we are needing to get them appraised but the attorney thought since diamonds and gold are up in value right now, they may be worth more than we paid. I hope you are all right that we can get pawn shop appraisals. Wouldn't jeweler appraisals be required? Also, we don't know if the store buying out Friedman's will want to take the rings or not.

Thing is, the creditor has been calling us as Friedman's sold our account to them and they want to know if we are wanting to make a deal of like 1200 or if were filing on them. We can't afford that either but don't want to lose them. Will we even be allowed to work with them since were filing or is it even in our best interest to pay them if no one is taking them Ugh. I will keep you all posted if there is interest.

[sweet1evie]

Hey are you still around? I was trying to understand what happened with your ring. Asset case... no asset case. Please explain what went down.

[DivorceRuinedMe]

The trustee originally took my ring b/c she said it was worth more than what the pawn shops said it was. She told me to have it appraised and then we would go from there. I wasn't willing to shell out any money to have it appraised (b/c I didn't HAVE any money at the time) so I voluntarily surrendered it. I figured that if she did put it up for auction that I could bid on it then (and in the meantime save up money to buy it back or win it at auction).

She gets it appraised and it is appraised for only $600 (and this was a ring that we paid 8K for which I realize there is incredible markup on jewelry but OMG!) So, she tells me that if my tax return isn't that much (which it wasn't - it was only $400) then she'll give me the ring back. So, what i meant when I said asset to no asset was - when she had the ring and was planning to take it and my tax return my case was considered an asset case. Then, when she decided she didn't want the ring or the return, she switched me back to no asset. Asset cases take your non-exempt property and sell it to pay back your creditors.

[sweet1evie]

Thanks for explaining the aset/no asset and how it works. Well it gives me hope since my ring is worth so much less than yours.

[KKAB]

Wedding ring? What wedding ring? After 10 years of marriage, there's no way anybody's taking mine...it "disappeared" about 3 weeks ago! I wasn't even going to have it appraised because we only get $500 here and it is worth 10 times that.