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H.R. 962: Protecting Gun Owners in Bankruptcy Act of 2023

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The text of the bill below is as of Feb 9, 2023 (Introduced).

Summary of this bill

On the other hand, nobody comes for your guns if you land on the “bankrupt” wedge in Wheel of Fortune.

Context

When a person files for bankruptcy, they usually have to undergo asset forfeiture, in which they turn in many (or even most) of their possessions. They’re still allowed to keep certain basic necessities.

Over the years, Congress has specified numerous federally protected possessions during asset forfeiture, including medical equipment, one television, one personal computer, kitchenware, and even wedding rings for the sentimental value.

Congress has also specified several items which are not protected, mostly expensive items which are clearly not necessities, including art, boats, yachts, and personal …

I

118th CONGRESS

1st Session

H. R. 962

IN THE HOUSE OF REPRESENTATIVES

February 9, 2023

(for herself, Mr. Gosar, Mr. Weber of Texas, and Mr. Lamborn) introduced the following bill; which was referred to the Committee on the Judiciary

A BILL

To amend title 11 of the United States Code to include firearms in the types of property allowable under the alternative provision for exempting property from the estate.

1.

Short title

This Act may be cited as the Protecting Gun Owners in Bankruptcy Act of 2023.

2.

Exemptions

Section 522 of title 11, United States Code, is amended—

(1)

in subsection (d) by adding at the end the following:

(13)

The debtor's aggregate interest, not to exceed $3,000 in value, in a single firearm or firearms.

; and

(2)

in subsection (f)(4)(A)—

(A)

in clause (xiv) by striking and at the end;

(B)

in clause (xv) by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(xvi)

The debtor's aggregate interest, not to exceed $3,000 in value, in a single firearm or firearms.

.

3.

Effective date; application of amendments

(a)

Effective date

Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act.

(b)

Application of amendments

The amendments made by this Act shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.