Are Firearms Exempt from Bankruptcy?
Many people across the country own firearms for work, personal defense, or recreational purposes. Depending on a person’s collection of firearms, the value of these guns can be substantial. This means that a person going through bankruptcy may be want to protect their valuable gun or gun collection. This can be achieved in some instances through a variety of exemptions.
If you are considering filing for Chapter 7 bankruptcy and you want to know more about protecting certain assets, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.
Exemptions Available for Firearms
According to current laws, there are a few ways a person can protect their firearms from being liquidated under Chapter 7 bankruptcy. Without proper protection, it is possible that a person’s firearms could be sold off to repay creditors in bankruptcy proceedings. A person may want to file for the following exemptions to protect their guns from this process:
A wild card property exemption from the state
A “tools of the trade” exemption if the guns are used for work
A federal property exemption
In the case of a wild card exemption, these exemptions can be used for any property a debtor may want to protect from liquidation.
If you are considering filing for bankruptcy, there may be exemptions available that can help you protect your most treasured or useful possessions. To learn more about your legal options during bankruptcy, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.