What Happens to My Firearms in Bankruptcy?

black gunWhether or not an individual believes in owning firearms can be a controversial topic. However, it is a right protected by the U.S. Constitution and protected by bankruptcy law. Whether you own a gun for self-defense, as a tool of your trade, as an investment, or for recreational purposes, a firearm is an asset that must be disclosed in your personal bankruptcy filing. However, there are several exemptions that may be applied to protect your guns..

In Florida, every individual who files bankruptcy is entitled to a $1,000.00 personal property exemption. In addition, every individual who doesn’t own a homestead, or who owns a homestead but doesn’t claim it as exempt, is entitled to a $4,000.00 wildcard personal property exemption. Either of these exemptions can be applied to a firearm.

Please keep in mind that every bankruptcy matter is different. If you are considering filing for bankruptcy protection, and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website or calling us at (954) 280-5066.

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