Bankruptcy

What Do I Do About my Beloved Rolex in my Chapter 7 Case in Arizona?

By Joseph McDaniel, Esq.

The exemption for watches in Arizona is about a hundred bucks, and your Seiko or your Timex will probably not be an issue.

But your Submariner has a value, even if it's not ticking, of around five to seven grand.

That will be an issue.

So after you sell your Rolex for fair market value and keep the receipt and keep a meticulous list of where you spent the proceeds on food and medicine and soap and filling up the gas tank, what do you do about the naked space on your wrist where perfection lived before your Chapter 7 bankruptcy?

Why, you get a watch that looks like it's twin brother!

I don't get a kickback from Invicta, but I really should get an "honorarium" for selling their watches. I recently wrote a review of my Invicta watch on Amazon.com, and the only problem with it is that it doesn't adequately describe what a magnificent family heirloom watch Invicta sells.

For a hundred bucks.

P.S. Do NOT fail to list your Rolex on your schedule. ITS JUST A WATCH! IT'S NOT WORTH IT. DO NOT BECOME THE POSTER CHILD THAT THE U.S. TRUSTEE'S OFFICE WOULD LOVE TO FIND! REMEMBER THAT YOU'RE TESTIFYING UNDER PENALTY OF PERJURY! AND IF YOU WONDER HOW THEY'RE GOING TO KNOW THAT YOU HAVE THE ROLEX THAT YOU DIDN'T LIST, I'LL TELL YOU: MAGIC!

P.P.S. I know it's obvious, but don't GIVE the watch to your son or father, because that's a fraudulent transfer!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on June 02, 2009 (boomark / email).