I have a BK Riddle for you.

[Crozier]

Q: What is worse than a BK?

A: Telling your wife of twenty years, that her wedding ring is an asset, and subject to surrender?

Honestly, I would rather eat shards of glass than to have to live with my wife, if her ring becomes an issue. It's not a JLo, 3 million dollar, canary diamond. It's a standard "I love you honey" ring, with a million dollars of sentimental value.

Has anyone had an item like that surrendered to a trustee? Any stories? I am about to overdose on Tums and Rolaids.

[AngelinaCatHub]

Wedding rings usually are exempt unless of very unusual value. Go to a Pawn shop, ask what they would sell a similar one for. Probably no more than $300 if that. I would not unduly tell your wife anything. She is worried enough. 'Hub

[Crozier]

I thought about that, but.....we had it insured for $25K, through until Nov. 08. I never renewed the policy, obviously due to $$$$$ issues. I am afraid the court will say, "hey dude, you potentially have $25K in assets that you can use to pay creditors, give it up!" At which time I will be living under a freeway overpass, or the victim featured on an episode of "Snapped."

[JRScott]

Hey mate I agree with Hub take to a pawnshop and ask em what they'd give for it. I know it will be heartfelt but they won't have sentimental attachment and probably will lowball ya anyway. Then find some excemption to cover it .

And sadly I do think someone lost a wedding ring her before or engagement ring, however I think they ended up fighting the trustee over it and eventually got it back. It was also worth more than what your describing.

[JRScott]

I thought about that, but.....we had it insured for $25K, through until Nov. 08. I never renewed the policy, obviously due to $$$$$ issues. I am afraid the court will say, "hey dude, you potentially have $25K in assets that you can use to pay creditors, give it up!" At which time I will be living under a freeway overpass, or the victim featured on an episode of "Snapped."

If the trustee asks about it and he may well. Tell him when times got tough ya'll went to see what you could get for it, found out it wasn't worth what you thought and thus discontinued the insurance because you couldn't afford it. Then use the new pawnshop offer as an estimate of its value.

[AngelinaCatHub]

To add to JRS, who is very learned on stuff here, (a complement earned for a compliment given), an appraisal usually is for INSURANCE proceeds. Not the real world. I know enough about this through the fact that we have a lot of estate jewelry.

Here is how it works: You got a gun, it is an 18xx revolver. It has one value. A gun of type, age. Then, this gun was at the battle of "Little Big Horn". Then the gun value goes up a bunch with proof of accuracy. But, third, this gun was General Custers gun found in his hand. The gun becomes priceless.

It is all in the beholders eyes, as is beauty is. Any antique is only worth what one wishes to pay for it.

Your ring is worthless to me. I have a bigger one. Got it now? LOL. 'Hub

[Crozier]

GREAT analogy. If I wasn't so stressed, I would have remembered my Philosophy and Econ courses from college. I have to admit, I llike this website. You guys are very helpful and extremely "real." Thanks for all your advice, info, and support.

[AngelinaCatHub]

GREAT analogy. If I wasn't so stressed, I would have remembered my Philosophy and Econ courses from college. I have to admit, I llike this website. You guys are very helpful and extremely "real." Thanks for all your advice, info, and support.

Thank you from all of us. We like you being here. We are all willing to help. Worry more about your "new start" and start practicing it today. That is what is most important. Rings are things. Things are what got us all into trouble. The real wealth you have, is, peace of mind, and health.

Mrs. and I had many big bucks. We now have happiness we didn't have a short time ago. God gave me a reprieve from the big C. We are now on a cash basis, and bill free. This is called true freedom. A loan is selling your freedom for 'stuff'. GBWY 'Hub

[DSIG]

So, if I am filing married but not joint and DH bought the ring, do I list the ring as personal property? I am unaware of what the value of the ring and I do not know for what value its insured. If we were to part company in the future, I would not keep the ring. Is it fair to say that I dont consider it my personal property?