2010 Legislation Allow Guns to be Protected Assets During Bankruptcy
Tap to Call - (877) 250-8242

Bill would allow guns to be protected assets during bankruptcy


October 21, 2010

Share this article


Bankruptcy bill would make guns protected assets

The Protecting Gun Owners in Bankruptcy Act of 2010 currently being considered in the U.S. Senate would allow gun owners to hold on to their firearms during bankruptcy proceedings.

The bill, which the Library of Congress reports is currently in a Senate Committee, passed the U.S. House of Representatives in July of 2010.

If passed, the bill would protect firearms from the claims of creditors during bankruptcy, the Wall Street Journal reports.

The bill is a bipartisan effort that is currently being strongly pushed by Representative John Boccieri, a Democrat from Ohio, and the National Rifle Association, the news provider reports.

Many personal items are already protected under federal bankruptcy law, ranging from pets to jewelry, according to the news source. Ten states already have bankruptcy protections for personal firearms. If passed, the bill would ensure such protection at the federal level.

In the United States, total nonbusiness bankruptcy filings for the period of June 2009 to June 2010 totalled about 1.5 million, with the majority of these filings being Chapter 7 bankruptcy, according to USCourts.gov.

Back to Newspaper Home

Tap to Call - (877) 250-8242

Copyright © 2018 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."