Bankruptcy & My Guns

[Pat Cannon]

As some of you know I've been in an ongoing money crisis for a while now and when I got laid off back in May, decided to accede to advice we'd gotten before based on our debt level, which was to file bankruptcy. Long story but here I am.

Now we're about to file the bankruptcy papers. The attorney, or actually the paralegal, says they're not able to exclude my guns from the the bankruptcy, which means I have to turn the guns over to the trustee so they can sell them on behalf of my creditors, or pay the trustee the market value of the guns in order to keep them. BTW I'm leaning toward plan B as you might guess.

So I need to establish the market value of my two revolvers. I understand from the lawyer and from online info, this means 'pawn shop price', i.e. what they'd get in a quick sale. I'm thinking I'll bring them by Gunstop and/or Frontiersman and have them tell me what they'd give me. Or maybe I should get a quote from an actual pawn shop, too.

I'd also be legal if I sold one or both, as long as I can establish that I spent the money on living expenses -- which wouldn't be hard. But no 'sweetheart deals' to family or friends.

Any advice or BTDT consolation would be welcome.

[monschman]

get a quote from metro pawn, i am sure they will give you a nice healthy lowball for quick cash sale. Dave is a pretty decent guy and I am sure will give you something with writing to that extent.

[sochr000]

I suppose a boating accident is out of the question?

[Pat Cannon]

I suppose a boating accident is out of the question?

Oh NOW ya tell me. Now I'll have to go buy an auger and have an ice fishing accident.

[Squib Joe]

I do quite a lot of written appraisals for estates, divorces, bankruptcies, etc. Give me a call if I can help

[EJSG19]

nice part is, you could almost take for granted that the folks may not be gun nuts. The margin of error they might allow could be pretty well in your favor...?

not to be dishonest... but... i've said too much. this post will self destruct in 3...2...1...

[macphisto]

Revolvers, huh? That's old, outdated technology. Can't be worth more than a hundred a piece.

Good luck, Pat.

[Pat]

Am not sure if guns would fit into it, but you do have a "personal property exemption" of $10k when filing...

[JoeH]

As Pat said, you can retain personal property. My guess, IANAL, is that you can list both revolvers and both will pass through without an issue.

[BBeckwith]

For better or worse both my Brother, and my parents have had to file in the past year and a half. Neither had to surrender any firearms or buy them out.

[Gecko, Extra Crispy]

As some of you know I've been in an ongoing money crisis for a while now and when I got laid off back in May, decided to accede to advice we'd gotten before based on our debt level, which was to file bankruptcy. Long story but here I am.

Now we're about to file the bankruptcy papers. The attorney, or actually the paralegal, says they're not able to exclude my guns from the the bankruptcy, which means I have to turn the guns over to the trustee so they can sell them on behalf of my creditors, or pay the trustee the market value of the guns in order to keep them. BTW I'm leaning toward plan B as you might guess.

So I need to establish the market value of my two revolvers. I understand from the lawyer and from online info, this means 'pawn shop price', i.e. what they'd get in a quick sale. I'm thinking I'll bring them by Gunstop and/or Frontiersman and have them tell me what they'd give me. Or maybe I should get a quote from an actual pawn shop, too.

I'd also be legal if I sold one or both, as long as I can establish that I spent the money on living expenses -- which wouldn't be hard. But no 'sweetheart deals' to family or friends.

Any advice or BTDT consolation would be welcome.

Never had to do that when I filed mine....they were part of my personal property according to the lawyer

[Pat]

BTW the NRA is trying to pass a bill this congressional session which would add an additional 3$k to the personal exemption, pertaining only to fire arms.

Good luck making it pass the Senate and the Prez...

[John S.]

BTW the NRA is trying to pass a bill this congressional session which would add an additional 3$k to the personal exemption, pertaining only to fire arms.

Good luck making it pass the Senate and the Prez...

Huuuuuh? What are you sayin there Pat?

[Pat]

There was a little blurb in the "American Rifleman" a couple of months ago, about adding $3k for firearms specifically. Am not sure if that would fit under the $10k personal bankruptcy exemption or add to it.

[selurcspi]

Here's the House Bill
http://www.govtrack.us/congress/bill.xpd?bill=h111-5827
Does anyone know if the Senate passed their version and if the Resident signed it?