Bankruptcy & My Guns

[hammAR]

S. 3654: Protecting Gun Owners in Bankruptcy Act of 2010

Jul 27, 2010: Read twice and referred to the Committee on the Judiciary.

Sponsors
Sen. Patrick Leahy [D-VT]
Cosponsors:
Michael Crapo [R-ID]
Russell Feingold [D-WI]
Blanche Lincoln [D-AR]
Harry Reid [D-NV]
Jim Webb [D-VA]

[Greg]

I would assume that they would come under the personal property exemption. When my brother filed a few years ago he didn't have to get rid of any guns.

[ijosef]

Well, if you sold them to an individual for the same prices that a pawn shop or gun store would give you, it would be sweetheart deal for that lucky person.

I'm sorry you have to file for bankruptcy protection; best luck to you in turning over a new leaf.

[Pat Cannon]

I would assume that they would come under the personal property exemption. When my brother filed a few years ago he didn't have to get rid of any guns.

As I understand it, you can choose either the Federal rules or the Minnesota rules for what's exempt, and the Federal rules are used more often (I'm guessing because they have a broader personal property exemption), but we're going with the MN rules because they'll allow us to keep the equity in our house.

[Seismic Sam]

My personal condolences for your problems. If we're talking a lowball offer at pawnshop rates, I could probably buy them off you and keep them in my gun safe until times were better and you wanted to buy them back for the same price. I think I've shot both guns, but I'm not a revolver kind of guy, particularly in that puny 357 Mag caliber, so I'm not likely to form much of an emotional attachment to them. Plus I got no reloading dies in that caliber. This is a serious offer.

[Pezhead]

I was thinking along the lines of what Seismic Sam said. You could maybe "sell" them to someone and when times get better "buy" them back.

[jweiss]

I was thinking along the lines of what Seismic Sam said. You could maybe "sell" them to someone and when times get better "buy" them back.

I would 2nd that sounds like a good legal way 2 do it, Good luck!!!!

[DeanC]

You still would need to go get an estimate from a dealer. Otherwise, regardless of price, it can look like a less than arms length deal.

[gyrfalcon]

As I understand it, you can choose either the Federal rules or the Minnesota rules for what's exempt, and the Federal rules are used more often (I'm guessing because they have a broader personal property exemption), but we're going with the MN rules because they'll allow us to keep the equity in our house.

Seems like you're 100% correct:

[hunter722]

A bit off the direct subject, but I watched the video and it struck me as pretty good proof that there's something wrong with the way the system works. The lawyer mentioned trying to make sure that things like your boat and your snowmobile were protected and that you could keep them. Gee, it seems to me that if you're going through bankruptcy the non-essential things are the ones that should be the first to go.

Guess I was born too long ago to make sense out of the way things happen nowdays.

[DeanC]

Pat, have you tried this?

[Pat Cannon]

My personal condolences for your problems. If we're talking a lowball offer at pawnshop rates, I could probably buy them off you and keep them in my gun safe until times were better and you wanted to buy them back for the same price. ... This is a serious offer.

I was thinking along the lines of what Seismic Sam said. You could maybe "sell" them to someone and when times get better "buy" them back.

Thanks guys, I'll keep it in mind but I gotta be careful of the law.

You still would need to go get an estimate from a dealer. Otherwise, regardless of price, it can look like a less than arms length deal.

Yep, that's in the works.

Pat, have you tried this?

I think you have to say it three times. Or maybe that's for a divorce.

[1911fan]

Pat

I do believe everyone here who knows seismic would go to court to say this was an up and up sale with a reserve clause. There is nothing wrong with that.

I am surprised that at least your carry gun can not be exempted under a personal protection clause.

[Dave Pendleton]

Sorry about your predicament.

I think the best remedy has already been suggested. Sell them to someone with the agreement that you will be buying them back. Unless they (the State) have absolute authority over the terms of the sale, I can't see anything illegal with that.

Kind-of like pawning them to a private buyer. Just find someone you trust and make the deal.

[Seismic Sam]

Get an estimate from a dealer AND a pawn shop. I would think the pawn shop will give you a lower estimate, but I'm no expert on this. Then again, maybe Gander Molehill will try to screw you the most on used gun prices.