2010 Legislation Allow Guns to be Protected Assets During Bankruptcy
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Bill would allow guns to be protected assets during bankruptcy


October 21, 2010

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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.

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