Q: In filing chapter 7, with a secure debt of jewelry how do you approach it if the jewelry is no longer available?
I financed a ring 5 years ago, pawned it 3 years ago and lost it to the pawn shop. Now I am filing bankruptcy and do not know how to approach the debt in my forms?
A: List the debt on schedule F and put in the description that the jewelry was lost. A debt cannot be secured by assets of the debtor if the debtor no longer has the collateral. It shouldn't be an issue as long as you tell the truth.
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