Guns are used for a variety of purposes – a hobby, investment, tool of the trade or for self-defense. When you file a Chapter 7 or Chapter 13 case, your firearems are an asset that must be disclosed.
There are state and federal exemptions that you can claim to protect your guns and remove them from the bankruptcy process. Every state offers different exemptions for firearms, so it is important to confer with a local lawyer to discuss how those can impact your case. The three applicable federal exemptions are:
11 U.S.C. § 522(d)(5). The federal catch-all exemption of $1,150.00 may be applied to any personal property owned by the debtor
11 U.S.C. § 522(d)(5). Up to $10,825.00 of unused home equity not already exempted under 11 U.S.C. § 522(d)(1)
11 U.S.C. § 522(d)(6). Tools and equipment up to $2,175.00 that are used in your job can be exempted. To apply this exemption, you must show that the guns are necessary for your trade, employment or business.
If you own firearms and you are considering filing a personal bankruptcy, contact us for help.
If you are considering filing for bankruptcy protection, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phones inquiries are always welcomed. Find us on the Internet and on Facebook.