Hubby doesn't want to report his guns in filing

[thyrazure]

Hi Guys,
Started the process, hubby doesn't want to disclose his guns has 2 hunting and 1 handgun...he is slightly paranoid that the feds will come and take is guns away....What do you guys think?

[justbroke]

They need to be disclosed as property (period). In which State do you live? They do not use the bankruptcy forms as some sort of registry of what you have.

[thyrazure]

alright I will let him know...he's been watching to many prepper shows.. lol

[Diesel73L]

alright I will let him know...he's been watching to many prepper shows.. lol

The only way your husband loses his guns is if their value can't be exempted. If you're filing federal this is highly unlikely unless he has an extensive collection worth a lot of money. The Trustee could care less about his guns, all they care about is whether or not they can liquidate property (whatever it is, guns, cash, gold bars, boats, cars, houses, jewelry, fine art, etc...) in order to pay your creditors. That is their one and only job.

[karm43]

My hubby has alot of guns too, about 4 rifles that were his dads more of setamental value they are old. He also has 3 that he hunts with, their really not worth much, we included them, he didn't want to either but nothing happened. They really don't care about a couple guns that are not really worth anything.

[justbroke]

Oh, and never bring your guns to the 341 Meeting, plop them on the table, and say "here they are!"

[AngelinaCat]

Oh, and never bring your guns to the 341 Meeting, plop them on the table, and say "here they are!"

LOL I agree that someone has been watching too many prepper shows, and listening to too many conspiracy theories.

The guns are property, period. If the personal property exemptions cover them, that is fine. If not, the husband may need to be ready to purchase them back from the BK Estate. Now, with that said, the husband needs to go and get a couple of appraisals for what the guns would fetch, if he had to sell them quickly to raise some money for an emergency. Pawn shops are a good place to start, and also gunshop owners.

Another factor to consider is that if the guns in question were inherited, they might be considered 'vintage'. Do not confuse that with 'antique'. We have some vintage pieces that came down to me through my Dad, but modern gunshop people do not like them because, supposedly, they cannot take the 'stronger' ammunition that is available today. So our older pieces were valued quite low. My 32 Savage pistol worked quite nicely when I had to dispatch a pygmy rattler that my cat was playing with. Oh well......

[karm43]

Does it depend on which chapter you file?

[AngelinaCat]

The original question and the thread reads like the poster is considering a Ch7. Ours was. I really don't know how a Ch13 handles these things. Also it depends on your state and your BK District and trustee.

[justbroke]

Does it depend on which chapter you file?

It "technically" does not matter which Chapter. In a Chapter 13, you could keep the property that exceeds your exemptions, but you would need to pay, to the unsecured creditors, at least as much as they would have received in a Chapter 7. In a Chapter 13, this is paid over the life of your Plan.

[helpmeout]

Not declaring assets and getting caught could lead to your BK being dismissed and you never being able to get that debt when you filed discharged. If I were you, I would not put my name on any BK forms unless all assets, including the guns, are listed.

[thyrazure]

thanks lawyer said we're fine listed the guns! he gets to keep them...

[AngelinaCat]

That is great news. Congratulations!