·11250 Waples Mill Road · Fairfax, Virginia 22030 ·800-392-8683
Posted on 07/29/2010 12:00:08 AM PDT by neverdem
Fairfax, Va. -- Today, by a margin of 307-113, a bipartisan majority of the U.S. House of Representatives voted to amend the federal definition of protected “household goods” to include firearms on the list of items that cannot be seized by creditors in a bankruptcy proceeding.
NRA-supported H.R. 5827, offered by U.S. Representative John Boccieri (OH-16), would ensure that a person who files for bankruptcy would not lose the constitutionally- protected means of protecting themselves and their families. The bill sets a cap of $3,000 on the value of a firearm collection eligible for the protection, so people in bankruptcy proceedings can continue to own serviceable firearms.
The Senate companion bill is S. 3654, sponsored by Sen. Patrick Leahy (D-VT).
Today, by a margin of 307-113, a bipartisan majority of the U.S. House of Representatives voted to amend the federal definition of protected "household goods" to include firearms on the list of items that cannot be seized by creditors in a bankruptcy proceeding.That'll pretty much put an end to bankruptcies, period. ;') Thanks neverdem.
Every state has "exemptions" from execution by judgment creditors. If a judgment for damages is entered by a court the creditor is entitled to have property seized by the sheriff to pay the judgment. Real estate can be foreclosed on to pay the judgment. There is in most states a list of property that cannot be seized, such as a "homestead" in real estate up to a certain dollar value. Pension funds can't be seized. There is a list of personal property items up to certain dollar values, such as so much value in an automobile, or clothing, or work tools, etc. that can't be seized.
Similarly, when someone files bankruptcy their property is subject to collection by a trustee to sell to pay creditors what they are owed. There is a list of federal exemptions that somewhat mirrors the state exemptions, however, and that property may be kept by the debtor.
Most states do not consider guns to be household goods and so guns have generally not been considered exempt from seizure to pay debts.
To make this even more complicated, a bankruptcy debtor can choose which exemptions to use, state or federal. However, a number of states think the federal exemptions are too generous and have "opted out" meaning bankrupts in that state have to use the state exemptions.
So, very long story short, this bill creates a federal bankruptcy exemption for guns up to $3,000 value. A bankrupt will be able to keep a gun or guns of equal or lesser value.
Although I haven't read the bill, this will probably not apply in "opt out" states, unless they have their own exemption for guns. Further legislation would be needed there.
Clear as mud?
That's such an idiotic statement on so many levels.
I wouldn’t know.
We have no fireams here.
It’s been MUCH longer than a year.
Back in the 90s, I found a website that listed their ‘under the radar’ connections to “liberal” organizations and I haven’t trusted them as far as I could throw them ever since.
I’ve always wondered eaxctly how wise it is to even be on their “membership” list.
If the time ever comes, I want to be -hard- to find.
I can’t believe how ridiculous you folks are. You are always claiming that BP is going to pass it along to customers but you don’t think that credit card companies are too or stores or car companies. I guess because you didn’t bring it up it must not be true. Another head in the sand FREEPER who only bashes. I guess if it makes you feel better instead of giving an intelligent post it is ok.
Oh I believe you. I foolishly signed up for a free one year membership a few years ago. I never sent them any money after learning more about the NRA, but after a year or two of not getting me to donate, I quit getting mail/emails from them. I’m still probably on a list somewhere, but I’m sure I would have been from posting on FR anyway. Oh well, I’ve got nothing to take anyway...
Yep. You’ve lost your mind. Your reply has nothing to do with my post replying to your initial post, which made no sense at all.
Oh you bring so much to the conversation...what a waste.
What about my mud? Can I keep my mud? Or will the bastards seize that too? ;’)
Ya know, I bet Texas would have an exemption for “mud.” :-))
Your original post talked about tax payer money in personal bankruptcy. How does that equate to businesses raising the price in a commercial bankruptcy.
BTW, I went bankrupt 20 years ago and don't remember anything about getting money from the govt. In fact, tax liabilities are excluded from bankruptcy so how did the taxpayer pay for mine?
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