View Full Version : Answer me this??

10-07-2009, 8:08 PM
Due to a recent medical issue I have to file a chap 7 bankruptcy. through a lawyer of course. On the Asset question form there is a firearms section where you list the types and value of each.

Is this to protect those or a back door gun grab?
Anyone clarify this for me please?

10-07-2009, 8:16 PM
Neither. It's a way for them to determine what your assets are and what the value of them is, so that the trustee can select things to sell in order to pay your creditors. So it does not protect your firearms, but it's not a gun grab either -- I don't think whoever crafted the bankruptcy code particularly gave a crap about guns, other than that guns are possessions that generally have some monetary value, and thus should be part of the bankruptcy estate.

10-07-2009, 8:25 PM
Whatever you do, do not try to hide ANY of your assets or you'll get *****slapped by the judge and will have absolutely no hope of a discharge.

And no, it's not a gun grab...as kf6tac said.

10-07-2009, 8:27 PM
Uh yes thanks. That was better than my lawyers explanation.
What if they are registered AW's? I can not just let those go out of my ownership to anyone right?

10-07-2009, 8:31 PM
If they are RAWs, and the trustee were to require that you sell them off, then you should be able to demand that they be properly transfered through an AW dealer.

10-07-2009, 8:37 PM
there are allowable monetary exemptions though, that is to say could I use these $$ exemptions to apply that and keep them. Jesus this Chapter 7 business is beginning ot sound like a yard sale.

10-07-2009, 8:43 PM
tht would be an option. And you could argue the position that, even though they may be extremely valuable to yourself since you can't replace it, the value in CA is very low since basically nobody could buy it, and a AW dealer would probably give you pennies on the dollar.

10-07-2009, 8:55 PM
Yeah hope so. Thanks to all. I see the lawyer in the a.m. so I will bring up your points of logic.

Now I am really depressed. Yeah my vast estate. A financed car and some firearms. Wow. I wonder if they will take my underwear? The funny thing is - I have to pay a lawyer to get screwed. Losing my firearms is screwed to me. Hmm! Wonder if they would take the wife instead.

10-07-2009, 8:57 PM
check n/a

10-07-2009, 10:50 PM
Check your PMs, bro.

10-07-2009, 10:56 PM
I'm no bankruptcy expert, but IIRC, CA law has a provision that allows a person to retain a shotgun and a rifle even tho going BK.