QUESTION
Can trustee take my guns if I have a chapter 7 and what are the exemptions to keep my guns?
Asked on Mar 22nd, 2017 on Bankruptcy - New Jersey
More details to this question:
I filed chapter 7 bankruptcy. I put my guns in so they could see I was honest. My attorney never mentioned how to move things around legally to protect them from bankruptcy. Now the trustee is physically wanting possession of my guns. What can I do to stop them from taking them?
6 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Your trustee didn't mention you could move things around legally to protect property because there is no such thing. Moving things to defraud your creditors is bankruptcy fraud and the penalties are severe, possibly even prison. In Ohio, guns owned for personal use are exempt up to $525 per gun. As long as you aren't in business buying and selling guns most personal weapons fall under the exemption.
Answered on Jul 03rd, 2017 at 5:17 PM
Offer to buy the guns from the estate.
Answered on Jun 20th, 2017 at 7:55 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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It was the job of your attorney to advise you that your guns needed to be exempted(protected in the applicable dollar amount as needed for a fresh start). There is no specific exemption for a firearm unless you need it for work as a tool or perhaps in the wild card amount you can either by them back from the trustee or flip your case to a chapter and payout there value.
Answered on Jun 19th, 2017 at 10:03 AM
So you thought bankruptcy did not have any consequences? Offer to pay the trustee to let you keep the guns, and ask the trustee who should conduct an appraisal to get a price that is fair. Proving that you are honest is beside the point. Since guns are registered, it would have been a simple matter for you to have gotten caught had you not disclosed the existence of the guns, and guns do not help you when you are in federal custody.
Answered on Jun 19th, 2017 at 12:38 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
2 Awards
Depending on their value, and if your jurisdiction uses federal exemption system, file amended schedules and exempt them out.
Answered on Jun 17th, 2017 at 10:20 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You paid your lawyer good money. Have you put this question to him or her? You might be able to amend your schedule of exemptions perhaps to claim the guns under the Wild Card. Or perhaps list them under household goods.
Answered on Jun 17th, 2017 at 10:20 AM