Exemptions for Firearms in Bankruptcy

Is there an exemption to protect the gun or equity value of the gun?

Exemptions Available for Firearms

Guns and exemptions are where the challenge arises. Only 13 states have an exemption that specifically mentions or exempts firearms see the list below. Of those 13 states, some limit the exemption to only one gun. Other states, in specific situations, may let you lump a single gun into the household goods exemptions.

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Some states have wildcard exemptions that allow you to apply the exemption to any asset. The point is, there is a good chance your guns are at risk of seizure in bankruptcy.

How to Deal with Non-exempt Guns in Bankruptcy. Sell the guns for fair market value before filing bankruptcy and use the money to pay for the bankruptcy and other necessary expenses you have been putting off such as truck repairs, dental work, etc. You may file chapter 13 bankruptcy and keep the guns.

Chapter 13 bankruptcy is a payment plan.

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However, filing chapter 13 bankruptcy for the sole purpose of keeping guns if you otherwise qualify for chapter 7 is overkill. You file chapter 7 bankruptcy and negotiate with the bankruptcy trustee to buy back the guns from the bankruptcy. I know that sounds bad. Bear in mind, you are in extreme debt and need to file bankruptcy for a reason. In Massachusetts you have a choice of federal exemptions as defined in the Bankruptcy Code, or state exemptions defined in state law. You have to be eligible to use the state exemptions.

Eligibility is defined by residency in the state of MA for a long enough period of time. I assume you are eligible for and are choosing to use the state exemptions for the remainder of this answer. There are essentially two kinds of exemptions: Some states have an categorical exemption for firearms, letting you keep a certain number of firearms in bankruptcy, regardless of their value. The state of MA does not have a categorical exemption for firearms, except firearms required to be kept by "an officer or soldier in the militia.

So, firearms must use an exemption based on value. They are treated the same as any other personal property that is not otherwise exempt. This is handled through the so-called "wildcard" exemption.

That gives the upper limit. Any amount of value greater than this would be potentially subject to sale by the Chapter 7 trustee for the benefit of creditors. If the debtor needed to use part of their "wildcard" amount to cover other property as well, they would have to exempt less firearms. These State Exemptions are important because, a Debtor who has not filed Bankruptcy can also avail him or herself the benefit of various State Exemptions in preventing Creditors from seizing, attaching, or garnishing certain of their Assets, and in some cases, Income.

In Iowa, the State Exemption provides for one shotgun, and either one rifle or one musket. There is no dollar value limitation in Iowa.

Included in this list is Firearms, of which the Debtor may claim an Exemption in one Firearm. The State Exemption in Texas provides for two Firearms with no limitation on value. Generally, most State Exemptions for Firearms limit the number of Firearms protected by the Exemption or the aggregate value of the Firearms, or both. The State Exemptions are also important for certain Debtors who file Bankruptcy. When one files Bankruptcy, the Debtor may be able to elect either the Federal Exemptions or the State Exemptions of the State in which he or she files Bankruptcy.