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Can assets be exempted or must they be sold

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    Can assets be exempted or must they be sold

    I am 63 years old, was a high income earner. My job has been terminated so I will plan on retiring since I just won’t be able to find new work. I have almost 300,000 in unsecured debt so will file chapter 7 after I spend down my cash reserves. The only thing I have of any value are firearms that when new cost me almost 50,000 dollars over 8 years. They are used now but I love to shoot them at the range and want to know if there is anyway the trustee would let me hold on to them somehow. They are only worth 25 to 35 cents at most on the dollar. Could I promise to pay the trustee with funds a family member would give me after i file or will I need to just sell them now for what I can get and just use the funds to live on until I file? Thank you

    #2
    Many firearms actually appreciate in value depending on condition and how rare they are. They have intrinsic value as opposed to an over-hyped beanie baby collection. They're not items that have "garage sale" value. Experts have extensive training to properly value them.

    I'll let the BK gurus weigh in on what you should do about this with regards to bankruptcy.

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      #3
      Try wild card exemption Federal Exemption

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