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Bankruptcy Protection for Gun Owners

Apparently we’re pushing a bill in Congress to exempt guns from claims of creditors. Some people say it’s a bad idea for reasons other than hating guns. Josh Sugarmann thinks it’s a bad idea because people in bankruptcy are probably going to go nuts and kill people. Clearly inside every bankruptcy filer is a murderer just waiting to get out? What faith Josh has in his fellow citizens!

UPDATE: Looks like the Brady Campaign are joining in the “People in Bankruptcy are potential murderers” bandwagon. How long before they demand Congress close the dreaded “Bankruptcy Loophole?” It’s really hard for me to understand how you can think so low of your fellow citizens.

18 Responses to “Bankruptcy Protection for Gun Owners”

  1. Flighterdoc says:

    They think that low of their fellow citizens because they know in their heart of hearts, that they’re that fragile themselves…..

  2. RuffRidr says:

    The article says that 10 states already have such protections in place. Surely if Sugarmann’s claims were true, then we would find evidence of this happening in these 10 states. The lack of evidence speaks volumes.

  3. Harry Schell says:

    The law in TX was you couldn’t take a man’s guns, his home or his horses…which evolved pretty much into his means of transportation.

    Makes perfect sense to me.

  4. Carl from Chicago says:

    “Bankruptcy gun loophole” … classic!

  5. SayUncle says:

    So, convert assets to spendy NFA weapons, file bankruptcy, then profit?

  6. colin says:

    I had that exact same thought myself…

  7. JamesLee says:

    Umm, refresh my memory again… just WHO is it that violates the law, breaks into foreclosed homes, and protests angrily at the homes of bank officers? Oh yeah, that would be ACORN/SEIU (same thing). And we all know how hard-core those almost-outlaw radical organizations are when it comes to the Second Amendment, right?

  8. I think Texas exempted two firearms. Other states should be similar. The legacy media again failed to state a bill number, and there may be several bills with that title.

    Frankly, anything protected beyond a rifle, pistol and shotgun is excessive, though if there’s a loophole in the bankruptcy laws, I’d be inclined to buy lead rather than gold. No issues AFAIK about 1099 forms when investing in lead. And yes, I’d clearly do anything legal in bankruptcy to come out on top, even if it meant claiming an entire apartment building as a “Homestead”.

    BTW, why isn’t the legacy media talking about rolling back the personal bankruptcy reform act passed during the previous administration? The banks have been rewarded for their stupidity already w/. TARP, so taking that back should be a no-brainer for the party of the downtrodden. Obama was against the bill while he was in congress.

  9. Fiftycal says:

    If promoting ‘gun control” was your meal ticket, you could make up all kinds of shit.

  10. My book Armed America includes a number of examples of colonial statutes that exempted firearms from attachment for debt.

  11. Motor-T says:

    The Bradys probably know a thing or two about the mindset of somebody facing bankruptcy.

  12. Ash says:

    @Standard Mischief: I agree, I was hoping Obama would undo what Bush did to the bankruptcy act at the bidding of the banks, but no dice so far.

    For those who don’t know what I’m talking about:

    http://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act_of_2005

    It’s the largest special interest bill ever passed by Congress, and was written almost entirely by bank lobbyists.

  13. ParatrooperJJ says:

    Remind me to send that congressman a check for his campaign.

  14. Sebastian says:

    Motor-T for the win!

  15. @Ash

    It’s not even on the radar for him.

  16. Ian Argent says:

    @Uncle: After Step 3 comes step 4, your creditors seize your profits. There’s probably a statute of limitations on them being able to do that, but if you can afford to wait it out, you probably didn’t go bankrupt in the first place.

    (Darn those jokes buzzing around right over my head. I is seriuz cat)

  17. Ash says:

    @Standard Mischief

    Bankruptcy reform was one of Obama’s campaign pledges and he did get a bill up for a vote in 2009 as part of the anti-foreclosure plan but of course it was blocked in Congress.

    http://www.nytimes.com/2009/05/04/opinion/04mon2.html?_r=1

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