Value of engagement ring?

[giulveza]

What is the name of your state? CA

About 4-years ago I bought an engagement ring for my [then] girlfriend from one of those jewelery stores where everything's supposed to appraise for more than you pay for it (Shane Co.).

To make a long story short, we never got engaged and I have the ring in a box.

I'm preparing to file Chapter 7 and am curious what to put down for the value of this ring. Should I use the purchase price, or do I need to get it appraised?

Thanks in advance,

Dan

 

[I AM ALWAYS LIABLE]

What is the name of your state? CA

About 4-years ago I bought an engagement ring for my [then] girlfriend from one of those jewelery stores where everything's supposed to appraise for more than you pay for it (Shane Co.).

To make a long story short, we never got engaged and I have the ring in a box.

I'm preparing to file Chapter 7 and am curious what to put down for the value of this ring. Should I use the purchase price, or do I need to get it appraised?

Thanks in advance,

Dan

My response:

You write down what you paid for it - - coupled with your receipt as proof of payment.

The "appraisal value" is virtually meaningless to a BK Trustee because when he orders it to be sold, the "value" of the ring will be what a bonifide buyer is willing to pay for it.

IAAL

 

[HomeGuru]

What is the name of your state? CA

About 4-years ago I bought an engagement ring for my [then] girlfriend from one of those jewelery stores where everything's supposed to appraise for more than you pay for it (Shane Co.).

To make a long story short, we never got engaged and I have the ring in a box.

I'm preparing to file Chapter 7 and am curious what to put down for the value of this ring. Should I use the purchase price, or do I need to get it appraised?

Thanks in advance,

Dan

**A: how much do you think it is worth if you were to sell it?

 

[giulveza]

My guess would be probably in the neighborhood of $1500.

 

[bigun]

Looks like you can exempt $5K worth of jewelry and heirlooms.

http://los-angeles-bankruptcy.net/california-bankruptcy-exemptions.htm

 

[giulveza]

Thanks for the info!