Guns and Chapter 7?

[95kindebt]

so when you buy something back from the trustee, does the trustee hold said item until it's paid in full, or do you hold said item?

[95kindebt]

I would agree for your common everyday Colt, Sig, Glock, etc.

Well, an MP5K is a totally different thing. It is special and is of significant value. It actually has significantly appreciated in value since the Assault Weapons Ban of 1986.

I'm willing to bet $1, that the Trustee could sell an MP5K for $8K in less than 10 days.

I totally agree. And they are traceable since you have to file a form 4 to have posession of it.

[justbroke]

I must google this M5PK. I'm curious now

Yeah, and don't look at the one from AirSoft. You want the one from Heckler and Koch (H&K).

[aces67]

I must google this M5PK. I'm curious now

[AngelinaCat]

I had to 'google' it in order to know what we are talking about. I know what an AR 15 is though.

[justbroke]

Yeah that post about the MP5 was made while I was typing my post, so I didn't know what types of firearms the OP was talking about.

Sorry, didn't consider that you missed the cross-posting. How sweet it must be to own one of those though.

I probably should correct myself too. The Trustee could sell a pre-ban (pre-AWB 1986) M5PK for $8K.

[mike258]

Well, an MP5K is a totally different thing. It is special and is of significant value. It actually has significantly appreciated in value since the Assault Weapons Ban of 1986.

I'm willing to bet $1, that the Trustee could sell an MP5K for $8K in less than 10 days.

Yeah that post about the MP5 was made while I was typing my post, so I didn't know what types of firearms the OP was talking about.

[justbroke]

The only good thing about firearms is they tend to have a low value. The trustee would need to sell firearms to a licensed firearm dealer (at least that's the way it is in MA) and he would get nowhere near retail value.

I would agree for your common everyday Colt, Sig, Glock, etc.

I have a rifle that costs $1,200 new ($900 used) and my lawyer valued on my schedule at $450.

Well, an MP5K is a totally different thing. It is special and is of significant value. It actually has significantly appreciated in value since the Assault Weapons Ban of 1986.

I'm willing to bet $1, that the Trustee could sell an MP5K for $8K in less than 10 days.

[mike258]

The only good thing about firearms is they tend to have a low value. The trustee would need to sell firearms to a licensed firearm dealer (at least that's the way it is in MA) and he would get nowhere near retail value.

I have a rifle that costs $1,200 new ($900 used) and my lawyer valued on my schedule at $450.

[AngelinaCat]

We paid our trustee $450.00 a month for a year to buy our stuff back. It is an agreement that is proposed to you. Dollar amount can vary. If you agree to it and can afford it, the paperwork will be submitted to the judge who will then sign off on it.

[justbroke]

he has a MP5K, and an AR15. and a few handguns, so we're worried.

Yep! I was going to list similar weapons (FN/AL, M4, etc)... but didn't want to frighten people that "justbroke" knows about guns. LOL

Anyhow, that MP5K is probably worth upwards of $10,000 alone. The AR15 (stripped) is probably at least $1,000. Several handguns that are probably worth $500 each easily.

Yes, this can be an issue fore sure! You will probably have to buy them back from the Trustee in a Chapter 7.

do if you're an asset case, chapter 7, then you can purchase things back from the trustee? How does this work, you pay them cash back for these things?

If the Trustee determines the value is $10K, they may offer to have you buy it from them for $8K (saves them the time to get it sold, pay commissions, and actually... wait to sell it).

You then pay the Trustee the $8K in order for your case to close. They usually allow payments over a 12 month period.

[95kindebt]

do if you're an asset case, chapter 7, then you can purchase things back from the trustee? How does this work, you pay them cash back for these things?

[95kindebt]

he has a MP5K, and an AR15. and a few handguns, so we're worried.

[AngelinaCat]

We listed ours in our Ch7. We are in Florida and had no exemptions or wildcards to use. We are an Asset Case and got to purchase our guns, along with some other things, back from the Trustee.

One thing we learned in trying to assign a value is that it can be difficult. In our case these are vintage guns. They are old, but not quite old enough to be antiques. Nor do they have any type of history associated with them that would make them more valuable, as if you had the gun that Custer had used in the Battle of Little Big Horn--that sort of thing.

We also learned that while there are people interested in owning vintage guns, they generally are not up to the wear and tear that modern ammunition can cause. Several people that we showed some of them to in an attempt to sell them, thought they were 'nice', but they wanted a good serviceable firearm that they could use today and keep using.

I hope that helps.

[justbroke]

Well, some guns are just downright expensive. If it is truly a "collection", then these weapons do have significant value. There are many handguns alone, that are worth over $500 used. Then, get into the various rifles...