Guns and Chapter 7?

[95kindebt]

Double check to make sure it's really worth what he thinks it is. It sounds backwards to say, but hopefully it isn't quite that valuable and he will have a better time keeping it.

My attorney advised me to use values for what a regular sales person / auctioneer could get for the items in a reasonably quick general sale. Not what a person with extensive knowledge of gun collecting, with extensive connections, could sell it for.

We all tend to think of things as worth more than they probably are because we remember what we paid for them and they are sentimental.

Thanks so much. I'll look into that as well. He's really hesitant to file because he doesn't want to loose his "toys" because of mostly debt I racked up. We just don't see a way out, without loosing everything.

[jadams]

Double check to make sure it's really worth what he thinks it is. It sounds backwards to say, but hopefully it isn't quite that valuable and he will have a better time keeping it.

My attorney advised me to use values for what a regular sales person / auctioneer could get for the items in a reasonably quick general sale. Not what a person with extensive knowledge of gun collecting, with extensive connections, could sell it for.

We all tend to think of things as worth more than they probably are because we remember what we paid for them and they are sentimental.

[justbroke]

As JRScott has accurately put it, this depends totally on the value of that collection, and how much you can exempt. This actually is for either a Chapter 7 or a Chapter 13.

[95kindebt]

thank you so much for responding, I really appreciate it.

[JRScott]

It would depend on your state's bankruptcy exemptions in a Chapter 7 if they have a gun allowance or a wildcard you could use that, otherwise you couldn't save it.

In the Chapter 13 you could potentially save it.

The main thing is you need to know the value of the gun collection, that's something he should start working on now. It is possible that you could still do a 7 and keep the gun collection if you can pay the trustee their value (or what he asks for). Many trustees will do payments for this.

[95kindebt]

My Husband has a gun collection that he takes great pride in. The only reason we would file chapter 13 vs. Chapter 7, is so that he could keep his prized gun collection.

If we file chapter 7, what would happen to the gun collection? Are their any exemptions?