Chapter 7, Can I keep my guns?

[RaiderMike619]

Anyone have experience with this?

[unusedusername]

Didn't the Feds recently pass a law that protects a small number of guns during a bankruptcy?

A good bankruptcy lawyer would know for sure.

[XDShocker]

Yes you can. Personal experience speaking.

[giantsfan]

Absolutely...it's been awhile but personal experience here too

[Oceanbob]

I would never break any laws, but I do have one question:

What guns?

Mine were lost in a Tragic Boating Accident if anyone asks.

[giantsfan]

^ +1 yes this is also true...personal experience no one comes to inventory your things...as already stated, your attorney will have the correct professional consul...then follow your heart bro! lol

I'm not an attorney but I did stay at a Holiday Inn Express last night!

[Fishslayer]

I would never break any laws, but I do have one question:

What guns?

GMTA...

[battleship]

You get to keep your guns, but i wouldn't even let them know you have any.

[nicki]

Bankruptcy.

You can keep personal property up to say 10K and I believe Congress also allowed another 3K for guns.

Keep in mind, personal items depreciate in value, for instance a computer/TV that you bought 2 years ago would have lost 80 percent of it's value.

A gun like any commodity is only as valuable as the market will pay.

Take your guns, go to a few FFLs, like pawn shops and see if you can get written reciepts as to what they would pay for your guns in their current condition and you can use that for estimated value.

You should tell them how many rounds roughly you have shot through the gun, for instance, if you shoot monthly and you use your friends handloads, you could easily put through say 200 rounds a month, if you have a gun for say 5 years, that would mean you shot close to 10K rounds through the gun, that would be alot of wear and tear and would significantly reduce the amount of money a gun shop would offer you for the gun.

Someone who spent 10K on guns could easily find that their guns values have depreciated to under 3K with wear and tear for instance.

Nicki

[sneather]

Can't you just give them all to a parent or child?

[MaHoTex]

I would never break any laws, but I do have one question:

What guns?

Mine were lost in a Tragic Boating Accident if anyone asks.

I'm with you on this one OceanBob.
There I was, just cruising along in my boat when it just sprung a leak. I dunno!

[plumbum]

Unless you have some huge expensive collection prominently displayed (like a wall of vintage Colt revolvers), it's a non-issue. The $10k in personal property is generally only applied to items with titles (vehicles) or occasionally physical wealth (gold or silver, high end jewelry, not wedding rings).

[XDJYo]

It is a crime to not disclose property. The BK process is quite intrusive. They will pull bank statements and the trustee will review your documents as will your attorney. You have more to lose by lying or misrepresenting your true assets.

There is an allowance/exclusion for certain property in each category.

I speak from analyzing BK docs for a living.

In the end, talk with your attorney. Disclose what you have. You don't have to itemize everything you own, but can state generally. "guns-$3,000". From what I understand, this isn't new value, but garage sale value of your items.

The trustees in the end don't really care unless they think you are hiding something or committing fraud. They have a duty to protect YOUR tax dollars. BK's aren't free.

[gator68]

I'm with you on this one OceanBob.
There I was, just cruising along in my boat when it just sprung a leak. I dunno!

What's worth more to you? Some guns or your integrity?

[MaHoTex]

I can not help it if I lost a boat hauling all my stuff. It happens.

But then again, I did not put myself in a position where I would have to make that choice. At the end of the day you do what you have to do to protect your capital investments. You can not get dinner with integrity. Sure it is all warm and fuzzy feeling, but get real.