New Legislative Effort to get Bankruptcy Exemption….For Guns.

Don’t let Goldman and Bank of America repossess all the guns!

At his brand new blog (which you should be checking out) Adam Serwer discusses McDonald v. Chicago and concludes “The gun wars are pretty much over, and the gun rights side won. One wonders when they’ll will figure it out.”

Not so fast. There’s one last battle to be fought. A friend on the hill forwarded me the following. Supported by the NRA, Rep John Boccieri (D-OH) is pushing to allow firearms to be exempt from bankruptcy: “In those states that allow a debtor to use federal exemption law, this provision would prevent a trustee from selling a debtor’s firearms to satisfy the claims of creditors.” This amendment would make it so someone going through bankruptcy can’t have their guns liquidated and sold to pay off their bills.

I am all in if we can sneak “lien stripping” (mortgage cramdown) with it to help with the foreclosure crisis. We’ll be really quiet. Repossessed guns don’t reduce the value of their neighbors’ guns or devastate a municipality’s budget, unlike houses with foreclosures, so we have a good reason to ally. Team-up? The gun lobby gets everything, and I want to see what that’s like.

And if we can get the NRA to go against the banking lobbyists…we just might have a chance.

==== FORWARD =====

Protect 2nd Amendment Rights – Become an Original Cosponsor of The Protecting Gun Owners in Bankruptcy Act of 2010!

**Supported by the National Rifle Association**

Dear Colleague,

In these difficult times, it is vital that Congress maintain individuals’ constitutional property rights. Some property rights are secure; clothing, pets, or crops can be deemed exempt from repossession. Other property rights, however, are ignored, most notably 2nd Amendment rights.

In response, I urge you to join me in becoming an original cosponsor of The Protecting Gun Owners in Bankruptcy Act of 2010. The Protecting Gun Owners in Bankruptcy Act of 2010 will allow consumer bankruptcy debtors to exempt firearms from the claims of creditors.  Specifically, the measure would permit firearms held primarily for the personal, family or household use of the debtor to be exempt from the claims of creditors under federal exemption law.  In those states that allow a debtor to use federal exemption law, this provision would prevent a trustee from selling a debtor’s firearms to satisfy the claims of creditors.

According to the Congressional Research Service, only 10 states have some form of an explicit exemption for firearms. Everywhere else, gun owners in America facing bankruptcy have no choice but to relinquish the protection secured for them by the U.S. Constitution.

While Congress works to pull our nation out of this economic recession, many people across the nation continue to struggle with depleted savings and increasing financial restraint. Residents of areas hit particularly hard by the recent economic downturn must make hard choices to sustain their families, and are often forced to file bankruptcy. Many times this results in individuals seeing their assets reclaimed and sold to pay off their debt, with creditors paying little regard to their well-being.

That is why I ask you to please join me in standing up for American gun owners. To co-sponsor The Protecting Gun Owners in Bankruptcy Act of 2010, please contact [removed].


John Boccieri

Member of Congress

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5 Responses to New Legislative Effort to get Bankruptcy Exemption….For Guns.

  1. Pingback: » Blog Archive » SCENES FROM THE NEW ECONOMY

  2. Pingback: Links 6/30/10 « naked capitalism

  3. Raph says:

    So if i’m going into bankruptcy I can just sell off all my assets and buy a bunch of guns and have NOTHING taken away from me! Wow that’s great! Talk about personal responsibility!

  4. Dave Hardy says:

    My bankruptcy law knowledge is 30 years out of date, and incomplete then. But as I recall–

    1) My own State, AZ, then allowed one gun to be exempt from seizure, and thus from bankruptcy liquidation. It was, like a workman’s tools (also exempt) viewed as a bare essential.

    2) Florida exempted ALL interest in one parcel of realty. Land developers going bankrupt would move there, buy a very expensive house, and have it exempt.

    3) You wouldn’t need a bunch of guns. Last I heard, Walker Colt revolvers were going for upwards of a million. The value of some real collector pieces is such that they are the subject of art fraud. Take a Colt revolver, very carefully polish it down to remove the serial number, renumber it to put it in the serial number range of those issued to Custer’s 7th Cavalry, and its value multiplies by ten or twenty. A careful collector hires an expert to measure its dimensions by fractions of a millimeter, and verify that the style of serial number matches the original, to guard against this.

  5. Duke says:

    Choose your battles. This one is so far down the list I can’t even see it.

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