Bankruptcy

Yeah, You Gotta Rolex. So? Rolexes and Bankruptcy Exemptions Don't Mix Well in Arizona

By Joseph McDaniel, Esq.

And you gotta file a bankruptcy, and you get to use the Arizona bankruptcy exemptions.

Well, me bucko, you will probably want to consider selling the watch for fair market value and buying food, fuel, provisions, or maybe a car (for the ever-popular five thousand dollars which is exempt in Arizona).

Or you may decide to use part of the proceeds to hire an Arizona bankruptcy attorney, your choice.

Now, a Rolex, particularly the Sub-mariner, is about as cool as any watch ever. Oh, sure, there are watches dripping with complications, like moonphase dials and stop-watch features, but the Sub-mariner is the Platonic Ideal of a watch.

Simple, clean lines, nifty automatic (self-winding) movement, and pretty accurate for a mechanical toy.

But it's not really for keeping time; that's what your cable box, cell phone and computer widget are for.

It's just for purposes of being a cool watch!

You should get it that I get it that you love your watch. Heck, I love your watch.

But it's just a watch.

Seriously.

So what you get to do is to figure out what new wrist-toy you'll be using until your economic rehabilitation is complete and you can buy another Rolex on the flip side of your bankruptcy in Arizona.

See, the exemption for a watch is $100. And a watch is really just a frippery anyway, because you'll be reading the time off of your cell phone, etc.

But I have a suggestion that may make your head explode a little less than it otherwise might: buy the Invicta I've reviewed on Amazon for about $100, and use the remainder of the proceeds from the sale of your Rolex Submariner to buy the stuff I talked about above.

And some folks would rather watch a video than read a blog, so here you go!

NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY 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 September 05, 2010 (boomark / email).