Protecting Gun Owners in Bankruptcy Act of 2010: Yes, It Exists
Posted on July 7th, 2010
New legislation for 2nd amendment rights is peering out from the left corner of Congress. Hailing from gun-toting Ohio, Democratic Representative John Boccieri wants to make it harder for bankruptcy to claim your guns than from Charlton Heston’s cold dead hands. Boccieri urged in an email blast with the headline, “**Supported by the National Rifle Association**”, and opines that it is a gross indignity that only ten states list guns as a bankruptcy exemption. He wants more states to lists guns as an exemption, from the federal order on down.
Listing guns as a federal bankruptcy exemption is sure to outrage a fair share of Americans, not to mention the congressmen on Boccieri’s side of the aisle; indignant tax-payers should remember that the ultimate scope of this legislation will be narrow. In the first place, only sixteen states and Washington, D.C. allow debtors to use the federal bankruptcy exemptions. The federal bankruptcy exemptions as of April 2010 guarantee debtors $21,625 worth of their home property and a generous $11,525 of their personal home property, so long as no single item exceeds $550. States included for the bare minimum exemptions include: Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington and Wisconsin.
Allowing firearms as a bankruptcy exemption would affect at least fourteen new states and Washington, D.C., since Wisconsin is the sole overlap that already exempts guns. Other states that already exempt guns include Louisiana, Montana, Nevada, Oklahoma, Oregon, and Ohio. That’s right, Ohio—the Representative who is pushing for this legislation stomps on grounds which already exempt guns. So why write the bankruptcy exemption into federal law? The federal law would be significantly harder to reverse.
All of the federal bankruptcy exemptions were designed to protect debtors. For some states like Louisiana, protection means only being guaranteed $5,000 worth of their home. For those who believe that $5,000 stake of property will be protected by a firearm, this legislation is the answer to their prayers.
Bankruptcy offers you legal protection if you’re being pursued for money you don’t have. The exemptions protect property that creditors are not allowed to touch. If you would like to talk to a professional about filing for bankruptcy, please call our office! We offer free consultations. Reach us toll-free at 1-800-260-1402 www.legalhelpers.com
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