Bankruptcy is something I hope none of you ever need to go through. It’s not fun in the least, even under older bankruptcy laws. I have no idea how little fun it actually is today.
One thing many don’t know is that when you file, you have to list all of your assets. You could be forced to sell many of them to pay off your debts. That includes your firearm collection.
Even if you only have a couple of guns, you could be disarmed entirely through the process of trying to get out from under crippling debt. While it’s best not to get there in the first place, if you’re there, the last thing you want is to also be left vulnerable.
Now, though, a bill has been introduced to shield at least some firearms during the process.
Congresswoman Claudia Tenney (NY-24) today reintroduced the Protecting Gun Owners in Bankruptcy Act, reaffirming her commitment to defending the Second Amendment rights of all Americans, regardless of their financial status.
Additional cosponsors of this legislation include Representatives Mike Collins (GA-10), Burgess Owens (UT-4), and Randy Weber (TX-14).
The bill ensures that up to $3,000 worth of firearms are exempt from bankruptcy proceedings, recognizing them as essential property. Current federal law exempts a certain value of property from bankruptcy proceedings that allow the debtor to maintain a basic standard of living, such as musical instruments, jewelry, and a television. However, federal law fails to provide a specific exemption for firearms, a constitutionally guaranteed right that allows individuals to defend themselves.
“The Second Amendment is a Constitutional right for all Americans, regardless of their financial situation. No American should ever be forced to forfeit their right to self-defense because they’re going through financial hardship. This legislation ensures that the Constitutional right to own a firearm is protected, no matter the financial situation,” said Congresswoman Tenney.
And let’s be real here, jewelry would probably do just as well to settle debts as guns would, and televisions aren’t nearly as essential as many people like to believe.
Still, they’re protected, and that’s fine.
Guns should be, too.
While this won’t protect every gun for every person, it will likely protect most people’s collections in full, and those who have guns in excess of $3,000, it will still leave them enough to protect themselves and their family, take on hunting trips should they desire, and probably enough for a few extra gun-related hobbies.
It’s not perfection, but there’s going to be a limit. If I remember correctly, jewelry has a limit, too, as do things like cars and homes, so it’s not out of line. The truth is that if you owe money, you owe money, and if there’s a way to pay that debt off, it should be done as best you can.
But leaving people defenseless isn’t the way to go. That doesn’t make anything better for anyone. Especially since it’s unlikely that less than $3,000 would solve anything for anyone in the first place–and those companies who see debts discharged in bankruptcy can write it off on their taxes, so it’s not like they’re leaving empty-handed, at least.
My hope is that this passes.
I hope he gains a lot more support than the few cosponsors listed above, which is where you folks come in. Call and demand your legislators back this bill.
Read the full article here
