Legal Question in Bankruptcy in Missouri

Not sure exactly what you're asking; let me give some general info. If a debt is secured, there are usually three options: Surrender, Redeem, or Reaffirm. Surrender means you give back the ring and owe nothing further. Redeem would mean that you pay the agreed-upon fair market value in one lump sum. This can amount to a substantial discount in items such as retail jewelry, which has a fairly high markup ratio. Or, you can reaffirm the debt; you keep the ring and keep paying the contract. Sometimes your attorney can negotiate a slightly lower price, but I wouldn't bank on it.

But look over your paperwork very carefully. Sometimes the contract documents necessary to secure the obligation aren't filled out. In that case, the debt is unsecured and you get to keep it without paying.