This bill modifies federal bankruptcy law to allow individuals filing for bankruptcy to protect up to $3,000 in firearm assets from being seized to pay creditors. Currently, bankruptcy law allows debtors to exempt certain personal property—like household items, tools, and retirement accounts—but firearms are not explicitly listed as exempt property. The bill adds firearms to these protected exemptions, giving bankruptcy filers the same ability to shield gun ownership that they have with other personal possessions. The measure applies immediately upon enactment to all new bankruptcy cases filed after the law takes effect, and the $3,000 cap applies whether the debtor owns a single firearm or multiple guns. This primarily affects individuals going through bankruptcy proceedings who wish to retain their firearms while reorganizing or liquidating their debts.
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