Pawning/selling ring....

[Brookamy]

So I'm getting divorced. My wedding ring was purchased through financing through the jewlrey store on a credit card with wells fargo...it's an in store card. It looks like that will be included in the chapter 7. I'm still trying to get money for the lawyer fees. I can't sell the ring can I?

[JRScott]

Probably not.

Most likely the ring is considered security for the loan though I can't be sure. If you have the original agreement still, check on the card and purchase and see if it mentions this as a secured debt.

[Brookamy]

Hmmmm...I don't remember getting an original agreement. It is an "American Gem Society Platinum Select Card" by Wells Fargo

[JRScott]

I'm not sure then . If you have a statement from the card it might say on it.

[BKParalegal]

It is not unlawful to sell something that is considered a PMSI, as long as your intent was not to sell it to avoid reaffirming or redeeming the property in BK. The issue will be if you sold it after retaining an attorney.

[Brookamy]

Well, I'm not planning on reaffirming it after the BK and I would use the money to pay for the attorney....

[AngelinaCat]

The problem with jewlery is that it devalues so fast. You probably will not get anywhere close what you paid for it, or are paying on it.

[Lacy]

I'm not sure if you could sell it or not best to ask a attorney... I know my anniversary ring was considered a secure debt and included in on our BK13.

*Looks at ring*
I couldn't part with mine.