It is not uncommon for men and women alike to own firearms. In most cases firearms represent a significant investment. In the case of a collection, the value can range quite a bit, anywhere from a few hundred dollars to tens of thousands or more. Many times, when an individual files bankruptcy, they begin to worry what, if anything, will be seized. Nobody wants their valuable collection or family heirlooms to be taken in lieu of payment, and this fear of losing personal property sometimes stops people from getting the relief they need.
Although bankruptcy laws and what is defined as exempt property can vary from state to state, each state provides some protection to individuals from having property seized. Sometimes, out of fear, individuals will make the mistake of temporarily transferring ownership of valuables to a family member or friend. Other times, an individual will exclude valuable personal property from disclosure in a bankruptcy petition. It is important to remember that ownership transfer and exclusion of your firearms does not actually protect them. The best protection you can get for your gun collection is to have it exempt from your bankruptcy.
Firearms are personal property that may be excluded from bankruptcy. Depending on the individual situation, some limitations may apply; however, in most cases, personal property can be made exempt from seizure by taking certain steps.
If you are considering bankruptcy, and are concerned about protecting your firearms or other sentimental items, a skilled bankruptcy attorney may be able to help. Through their knowledge of the bankruptcy law, they can help identify important assets and take the necessary steps to protect them from seizure.