Bloomberg News reports that Ray Guy’s three Super Bowl rings will be auctioned off in his bankruptcy case (click here to see to full article).
The article reports that the rings are worth between $70,000.00 and $90,000.00. I’m no expert in jewelry valuation but it seems like a Super Bowl Ring would be worth a lot more.
Ray Guy, who is from Swainsboro, Georgia, filed for bankruptcy protection in Augusta, Georgia in April 2010. Bloomberg News reports that the IRS is the first lien holder on the rings.
The Ray Guy Award is given to the best college football punter every year by the Greater Augusta Sports Council. Can you imagine being so good at a specific position in football that an award for the best player in that position is named after you?
It seems extremely harsh and unfair that this football great will have to sell his Super Bowl rings in his bankruptcy case. When I was in high school, I won a few trophies when I won some races. I still have those trophies. If someone were to ever take them away from me, I would surely cry. I cannot imagine the pain that Mr. Guy must feel at the thought of losing these symbols of such a tremendous achievement.
Georgia does not have any bankruptcy protection for sports memorabilia. However, Georgia does have a total wildcard exemption of $5,600 that can be used for anything of value.
However, Mr. Guy has the IRS on his back. Unfortunately for him, even if Georgia had an exemption in bankruptcy that protected Super Bowl Rings, it would not help Mr. Guy because the IRS lien trumps Georgia bankruptcy exemptions.
If Mr. Guy were able to propose a plan that paid the IRS back the same amount of money that they would receive if the rings were sold at auction, he would be able to keep the rings.
I am praying that somehow he will end up keeping these rings. I like stories with a happy ending and I’m trusting that somehow things will work out well for Mr. Guy.
3. How much does it cost to file?