Should You Be Allowed to Keep Your Guns If You Declare Bankruptcy?  

H.R. 962 would exempt $3,000 of firearms from a creditor's collection efforts during a bankruptcy filing.
H.R. 962, the “Protecting Gun Owners in Bankruptcy Act,” was reintroduced last month.

Congresswoman Claudia Tenney (NY-24) reintroduced legislation last month that would make firearms a protected asset when an individual files for bankruptcy.  

Well, not every firearm an individual owns would fall under that designation.

The bill, known as the “Protecting Gun Owners in Bankruptcy Act.” would only exempt $3,000 worth of guns from a creditor’s collection efforts.  (So if you happen to be sitting on any lawfully acquired, pre-86 machine guns, those would probably have to be forfeited due to their estimated value).

Rep. Tenney argues that because current bankruptcy law grants a list of exceptions to ensure one can maintain a basic standard of living — including a home, a car, clothing, certain appliances, and even musical instruments — one’s means of exercising their 2A rights should be added to the list.  

SEE ALSO: Two Bills Trying to Backdoor the Gun Industry into Bankruptcy

“No American should ever have to sacrifice their constitutional rights because of their financial situation,” said Congresswoman Tenney in a February press release.

“The Second Amendment is a constitutional right for all Americans, even those experiencing financial hardship,” she added. “I am honored to lead this important legislation that protects the rights of gun owners everywhere, no matter their financial situation.”

Co-sponsors for the Protecting Gun Owners in Bankruptcy Act include Reps. Paul Gosar (AZ-9), Randy Weber (TX-14), and Doug Lamborn (CO-5).

Available on GunsAmerica Now

What are your thoughts about this bill?  Should firearms be a protected asset during a bankruptcy filing?

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About the author: S.H. Blannelberry is the News Editor of GunsAmerica.

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  • Matthew A. Carpenter April 3, 2023, 4:22 pm

    What Guns? I don’t own any guns.

  • Ralph G March 29, 2023, 5:13 pm

    Your state must use the Federal exemptions, and not the local state exemptions, for this to apply, if it passes, which it will not in this session/

  • Billy M March 29, 2023, 10:18 am

    Since all of my guns fell out of my boat while I was fishing this is not a problem. This points out the problems with the NFA. All guns AND guns with stabilizing braces and/or suppressors are known to the government so they could not fall out of the boat. The NFA is a back door registration which the government can use to figure out what guns you have.

  • David March 27, 2023, 5:50 pm

    The fixed $ amount might come back to bite them making the law useless if inflation and owner restrictions take off. Gun prices have doubled at least and it isn’t over. Still better than nothing.

  • Daniel March 27, 2023, 5:15 am

    Why not do things the old fashion way: Man-up, stop whining and pay your debts.

  • Daniel March 27, 2023, 5:15 am

    Why not do things the old fashion way: Man-up, stop whining and pay your debts.

  • Christopher D Farley March 24, 2023, 2:20 pm

    I was wondering if you have a John wick safe for sale let me know in my email

  • Anthony Wixon March 24, 2023, 12:06 pm

    Yes guns should be exempt/protected.

  • Odins Templar March 24, 2023, 11:57 am

    Should one be allowed to go to church, assemble, speak or vote if one files bankruptcy? Ones finances should NOT dictate ones rights.

  • thedude52 March 24, 2023, 10:58 am

    Absolutely! How else are you going to earn a living? lol!

  • Nick March 24, 2023, 10:07 am

    Keep your firearms the way the liberals like their voters, undocumented.

  • Troy March 24, 2023, 8:32 am

    Unfortunately went through bankruptcy 20 years ago. They only know what you declare that you have. I never divulge any firearms to government entities. Don’t let anyone declare them for you either. When I was young I was in a coma after car accident and my mother was trying to get government assistance for me with the staggering hospital bills. Her intentions were good but I told her Don’t ever tell anyone from government agencies that I own firearms ever again. I ended up having to sell a couple to put towards doctor bills.

  • Blue Dog (he/him) March 24, 2023, 7:51 am

    If someone wants to sue you for your shirt, let him have your coat as well! – Matthew 5:40, CJB

    Seems like Jesus had some thoughts about bankruptcy protection. 😛

    • Tyrone L. Greene March 24, 2023, 9:51 am

      “Seems like Jesus had some thoughts about bankruptcy protection.” Yes, but His statement deserves some reflection to fathom His reasoning. In everything He did and said was so done to draw our minds into a dialog with Him, that is “Come, let us reason together….” Sin, as expressed through greed, aka… covetousness, is repugnant to Him & His kingdom, and anyone who partakes of it cannot enter therein. This is true for both the loan’s borrower & lender. By following His directions in this matter, He is trying my love for Him whither I will follow Him – come what may, but He is likewise calling on me, the loaner, to have compassion on my fellow man rather than selfishly seizing on something that was over and above the loan’s agreement, so thereby placing him in a great disadvantage and in possible harm.

    • Kane March 24, 2023, 9:20 pm

      Maybe that’s what passes for gospel in the store front church you attend. Jesus is NOT the push over you imagine.

      BTW, I want your 1911 collection and am willing to pay you $1.00 and the transfer fee.

  • Mark Smith March 24, 2023, 7:36 am

    Guns? what guns they all we onboard my fishing boat that tipped over in the ocean while out Duck hunting.

  • Jamier March 24, 2023, 7:19 am

    Hey I’ve filed bankruptcy before but had nothing to do with not being able to afford it. I protected myself from a company trying to steal my assets. That lied thru their teeth (evidence is overwhelming) going on alot more than you think. Just because a person files bankruptcy doesn’t mean you quit living your life, and it doesn’t make you less of a person, even though government trys to make you look like the bad guy.

  • survivor50 March 22, 2023, 4:49 pm

    ” Should You Be Allowed to Keep Your Guns If You Declare Bankruptcy? … ”

    That just SOUNDS weird to start with …

    ” OH … THOSE GUNS !!! Well there was this BOATING ACCIDENT during the STORM you see… “

    • paul I'll call you what I want/1st Amendment March 22, 2023, 8:21 pm

      Really I lost mine the same way, had all my damn ammo with me and lost that too. Damn lake weather….

  • paul I'll call you what I want/1st Amendment March 22, 2023, 2:26 pm

    And who gets to choose which ones you can keep?

  • Will Drider March 21, 2023, 8:06 pm

    Long overdue but the $3K maximum allowable is too low. Bankruptcy for an individual is different than bankruptcy affecting a family, especially a large family. Each family member has 2A Rights though younger members may need supervision. Gun types/models are tools to serve specific purposes. “Carry” handguns are often physically smaller than their home defense counterparts. Likewise, the same split occures with hunting long guns and personal defense long guns. $3K wouldn’t properly outfit a head of household and spouse much less responsible youngsters under the same roof.

    • survivor50 March 22, 2023, 4:51 pm

      $3K maximum allowable…
      My Long Range Competition Rifle would eat that up … MINUS the SCOPE !!! And it ain’t even EXPENSIVE !!!

      WHO GETS TO CHOOSE indeed !!!

      • Kaso March 24, 2023, 2:32 pm

        You choose. You declare all of your tangible assets that can be sold to settle your debts, and then under this proposal you get to exempt up to 3k of them for personal use.

        $3k seems low, but the whole point is to give up all of your assets in exchange for giving up your debts. You aren’t supposed to get to keep your Ed Brown. Just the bare minimum for hunting or self defense.

    • Kaso March 24, 2023, 2:43 pm

      There is an argument for what you say, but also an argument against. Bankruptcy is voluntary. You choose it to escape prolonged and inescapable indebtedness.

      This is just a proposal to make sure the bankruptcy court does not leave a person totally defenseless. Nothing more. You get a bare minimum, not a ‘proper kit’ in exemption.

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