Gun question...Help please

[Overmihead]

We are close to filing (Ch 7). Finishing up our paperwork and hubby is wondering about the firearm thing. If you have more than the allowed 2, can the others be taken by the trustee, regardless of their value (even if they are worth less than the $400 allowed per household item)? Or if there is homestead exemption money left over, can extra guns be exempted?
And what is the procedure...does the trustee pull registration records to look for your name and find out about any guns you have purchased?
The attorney wants us to list for him anything sold within the last 4 years...but if something was sold within that timeframe, but we didn't keep any record of that/buyer's info, etc., then what? We're trying to be thorough and looking for everything, but there is some stuff asked for that we never imagined we would need to keep!

[helpinfla]

legally they would become assets of the estate and sold to satisfy creditors. The trustee likely will not look at registration records unless you are a gun dealer or some profession related to guns. If not then I personally wouldn't disclose that you owned any guns and if it ever came up just say you never thought of it......

I doubt it would ever come up unless you are somehow related to a firearm profession (dealer, cop, etc....)

[Overmihead]

Thank you, helpinfla. Much appreciated.

[AngelinaCat]

We had a similar situation. We had property that was over the amount allowed in the exemptions. This included a couple of pistols and a couple of rifles. Nothing spectacular, or particularly valuable except as family heirlooms.

Because of having property over the allowed amount, we were declared an Asset Case. The trustee offered us a chance to buy back the items at a discounted rate and with not interest. So that is what we chose to do. Otherwise, the trustee would have gone ahead and offered our things at auction to strangers, though it is doubtful that he would have gotten as much as what we ended up paying. We paid an agreed amount of $450.00 a month for one year.

We were discharged well before that was finished, though not closed until well after all the payments were made and the trustee finished his disbursments and paperwork.

[nerves]

We had some firearms above the exemptions and listed them. The trustee didn't have any interest in them. I think it will all come down to what the trustee wants to do. Firearms are a hassle for them and usually not worth the trouble.

[Overmihead]

Thank you Angelina & nerves. Well we will just hope our trustee doesn't have much interest in them either. We wouldn't have any money to buy them back if they're taken. But, so be it. If that happens, it happens.