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Question on something that's Exempt

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    Question on something that's Exempt

    In July we will be filling for ch7,we are in GA.We will not be using the homestead exemption since we owe more on our home than it's worth and we're not reaffirming. In GA. we have a $5000.00 wildcard exemption we can use on anything. My question is, my wife has an expensive watch(Rolex) thats worth approx. $3500.00(used) if we use the $5000.00 to exempt it is there any chance the trustee could still take it?
    The reason I'm asking is because Iv'e consulted with 4 attorneys so far and 3 have said they don't want to hear about the watch.1 of them I really liked except for this but I want to honest and list the watch.Thanks for your replies.
    Filed Ch7 BK 7/27/09
    341 Hearing 9/10/09 All Went Smoothly
    Last Day For Objections 11/09/09
    Discharged and Closed 11/12/09

    #2
    What did the 4th attorney say?

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      #3
      The 4th attorney said we could use the exemption but he's not had a case with one piece of jewlery appraised that high so he didn't know the answer to my question,(said he did'nt know how the trustee would look at it.)that kinda turned me off from using him.
      We have a $1000.00 exemption for jewlery but that needs to be used for wedding rings.
      Filed Ch7 BK 7/27/09
      341 Hearing 9/10/09 All Went Smoothly
      Last Day For Objections 11/09/09
      Discharged and Closed 11/12/09

      Comment


        #4
        All 4 lawyers are telling you the outcome is uncertain.
        If you list it, you're rolling the dice.
        My personal opinion-if it can't be traced {rider on insurance policy,etc} I'd not list it. Just be sure she doesn't wear it at the 341.

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          #5
          Thanks for the imput Keepmine.
          Filed Ch7 BK 7/27/09
          341 Hearing 9/10/09 All Went Smoothly
          Last Day For Objections 11/09/09
          Discharged and Closed 11/12/09

          Comment

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