ABSTRACT

Exemptions for Firearms in Bankruptcy [February 15, 2013]   [open pdf - 255KB]

"The U.S. Supreme Court's decisions regarding the nature of the people's right to 'keep and bear arms,' as guaranteed in the Second Amendment to the U.S. Constitution, has focused some interest in the extent to which firearms are protected from the reach of creditors under either federal or state laws. State laws that protect certain property from creditors' claims generally are designed to apply in non-bankruptcy contexts, but may also be used in bankruptcy. Federal law also protects certain property from creditors' claims in bankruptcy. Additionally, a debtor in bankruptcy may be able to avoid liens against exempt property if a lien impairs the exemption and is either a judicial lien or a nonpossessory, nonpurchase-money security interest. Legislation introduced in the 112th Congress, similar to legislation passed by the House in the 111th Congress, would have allowed a specific federal exemption for firearms and would include firearms in the definition of household goods whose exemptions could be protected from impairment by liens. A number of states provide their own exemptions for firearms. The provisions of these states are provided in Table 1."

Report Number:
CRS Report for Congress, R41799
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Publisher:
Date:
2013-02-15
Series:
Copyright:
Public Domain
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Via E-mail
Format:
pdf
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application/pdf
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