Can I Keep My Guns in Bankruptcy?damg2023-11-10T16:10:34+00:00
Can I Keep My Guns in Bankruptcy?
In order to keep your guns in a Chapter 7 or Chapter 13 bankruptcy, you must first disclose the fact that you own the guns to your bankruptcy attorney. It is important to understand that you cannot transfer the guns to a friend or family member before filing for bankruptcy and then not disclose the guns in the bankruptcy filing. That is bankruptcy fraud and is punishable by imprisonment for up to five years.
Oklahoma bankruptcy exemption laws allow you to keep $2,000.00 worth of guns, whether that is one gun or five guns. Guns should be taken to a gun store or a gun dealer to determine their current value. Bankruptcy trustees love to seize guns in excess of $2,000.00 and sell them for the benefit of creditors. For example, if you own a Glock Model 23 valued at $600.00, a Colt AR-15 valued at $1,400.00, and a Benelli collector’s edition shotgun valued at $2,000.00, you are allowed to either keep the Glock and the Colt AR-15 (combined value $2,000.00), but not the Benelli collector’s edition shotgun ($2,000.00 value), OR you are allowed to keep the Benelli collector’s edition shotgun ($2,000.00 value) but not the Glock and the Colt AR-15 (combined value $2,000.00). Either way, $2,000.00 worth of guns will have to be turned over to the bankruptcy trustee for eventual sale and distribution to your creditors.
The bottom line is Oklahoma bankruptcy exemptions allow you to keep a gun or several guns as long as the total value of the gun or guns does not exceed $2,000.00.
Call 918.551.8955 or click “Schedule a Free Virtual Consultation” on our website to setup a FREE and confidential initial consultation with a bankruptcy attorney in Tulsa to answer your questions about keeping your firearms in bankruptcy and begin working toward securing your financial future.
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.