top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Pawn Shop Issue

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Pawn Shop Issue

    I went to two pawn shops to get a value on my engagement ring for my personal property list. Both places refused to give me a written statement as to how much they would give me for the ring unless I signed a contract to sell them the ring. I live in a kinda desolate area and these were the only 2 pawn shops for quite a ways.

    On the brightside, both said it was worth only $200.

    So, what's a girl to do in this type of situation. Anyone else run into this?
    11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!

    #2
    $200 is the value.

    Comment


      #3
      Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!

      Comment


        #4
        I'm curious about this too...can they make you sell your jewelry if it's of high value?
        9/26/07 Initial meeting with atty, ch. 13
        10/01/07 2nd meeting with atty, now ch. 7, received paperwork
        Waiting to save up atty fee and turn in paperwork...let's get filed!!
        10/31/07 Officially filed with case number!341 on 12/5

        Comment


          #5
          Originally posted by imbroke2 View Post
          Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!
          I would suspect that she would want a *low* value so it can fall under exemptions. ;)
          Chapter 13 Filed "Old Law"
          Filed: 6/2003 Confirmed: 3/2004
          Early pay off sent: 10/05/2007 - 9 months early
          11/16/2007 - Discharged!

          Comment


            #6
            Put down $200 and if the trustee asks how you reached that value tell them.

            Only worry about a written estimate if it is asked for.
            Filed: 10/26/2006
            Discharged: 03/05/2007
            Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund

            Comment


              #7
              Originally posted by imbroke2 View Post
              Have you tried going to a jeweler to get a real value on the ring? It's probably more than the pawn shops told you-a lot more!
              I was told to get a "garage sale" value for all my items by my atty. A pawn shop is like a kinda garage sale for stuff like jewelry and the like. Everyone here recommended a pawn shop too. And yes, I need a low value to fall under exemptions.
              11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!

              Comment


                #8
                Originally posted by JollyGG View Post
                Put down $200 and if the trustee asks how you reached that value tell them.

                Only worry about a written estimate if it is asked for.
                Sounds reasonable to me but then again, reason flies out the window a lot with me lately. LOL.
                11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!

                Comment


                  #9
                  Sale value VS. replacement value

                  Hey,

                  According to the new OCT 2005 laws, things are valued by sale value now, not replacement or appraisal.

                  You might want to double check on that though.

                  Good luck,

                  Wingnut
                  I AM NOT A LAWYER. I DON'T EVEN PLAY ONE ON TELEVISION. ONLY LAWYERS CAN GIVE YOU LEGAL ADVICE. ETC., ETC!

                  Comment


                    #10
                    Originally posted by emaretta View Post
                    I'm curious about this too...can they make you sell your jewelry if it's of high value?
                    Yep!

                    Actually, the Court wouldn't have the Debtor/Filer sell an item,......... The Trustee would seize it and sell it in their sale. Our BK Court has a Sale here once a month.

                    Trustees work with an Auction companies, Brokers, and Real Estate professionals to dispose of non Exempt property and cars.
                    Filed Ch 7 - 09/06
                    Discharged - 12/2006
                    Officially Declared No Asset - 03/2007
                    Closed - 04/2007

                    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                    Comment


                      #11
                      Originally posted by JollyGG View Post
                      Put down $200 and if the trustee asks how you reached that value tell them.

                      Only worry about a written estimate if it is asked for.
                      Ditto's.

                      If you wanna be on the safe side, visit a couple of Jewelers and ask them what they would pay, Cash, On The Spot, for your items. Then average the values you get.

                      For BK purposes, you don't list what things appraise for, or what it would cost to go out and buy new. You value according to like items. What would you pay for an 8 year old sofa and where would you buy it. Garage sales, yard sales, 2nd hand stores, eBay, etc.

                      Same for jewelry. How much would you get for the ring, bracelet, or necklace in a quick sale situation.
                      Filed Ch 7 - 09/06
                      Discharged - 12/2006
                      Officially Declared No Asset - 03/2007
                      Closed - 04/2007

                      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                      Comment


                        #12
                        Originally posted by SinkingFast View Post
                        For BK purposes, you don't list what things appraise for, or what it would cost to go out and buy new. You value according to like items. What would you pay for an 8 year old sofa and where would you buy it. Garage sales, yard sales, 2nd hand stores, eBay, etc.
                        That's what I was told to do when I went around valuing my items.

                        I had like, 4 old computers that were given to me. I asked if I REALLY had to put some value to them because they were OLD and computer values drop FAST. I put like, $25 each. I wasn't asked for written estimates.

                        I filed "old law," so YMMV.
                        Chapter 13 Filed "Old Law"
                        Filed: 6/2003 Confirmed: 3/2004
                        Early pay off sent: 10/05/2007 - 9 months early
                        11/16/2007 - Discharged!

                        Comment

                        bottom Ad Widget

                        Collapse
                        Working...
                        X