THIs can not be true

[bigtim6656]

I was talking with a friend of mine and he said his mom and dad filed a year ago. I guess his dad used his wildcard to exempt his guns and his mom used hers for everything else. He told me since I had more value in guns then about everything else together the trustee could say I can not exempt all of it and thus turn some over just because their firearms and not a need.

How is a diamond ring worth twice my guns exempt and my guns would be at risk. They way I figure it right now I have 5k maybe 6 used in my wildcard exemption. Should I buy the cheapo motocycle for 600 bucks brings me to 6kto7k. The indiana wildcard is 8k per person

[brokejoker]

Exemptions are based on the value of the item. If your wildcard expense is 8K and you exempt 8K worth of guns you should be fine. If the jewelry exemption is 16K and you exempt 16K in jewelry then that's okay too. If the trustee does object to your exempting the guns that are over the 8K then you can always "buy them back" fron the trustee and keep them that way.

[bigtim6656]

I figured, my guns are worth about 500 but my muzzleloader is worht about 1000. Forgot about it cause it is at the pawn shop

Exemptions are based on the value of the item. If your wildcard expense is 8K and you exempt 8K worth of guns you should be fine. If the jewelry exemption is 16K and you exempt 16K in jewelry then that's okay too. If the trustee does object to your exempting the guns that are over the 8K then you can always "buy them back" fron the trustee and keep them that way.

[tcreegan]

guns ordinary property

Hi bigtime,

He told me since I had more value in guns then about everything else together the trustee could say I can not exempt all of it and thus turn some over just because their firearms and not a need.

This makes no sense, firearms are ordinary property. You can exempt property up to your 8K wildcard, you can pick and chose what to exempt. Something being a "need" has nothing to do with it.

As long as your muzzleloader is at the pawnshop, you can get a value for your firearms from them.

Now if you live in Texas, you get a special exemption for a rifle shotgun, and a pistol....

Tom in Colo

ps: some other states have special exemptions for firearms too

[bigtim6656]

So should I leave it in till I file, plan was to get it out soon as I need it for hunting season. Plus I figured having it in there was a trouble when I do file.

Hi bigtime,

He told me since I had more value in guns then about everything else together the trustee could say I can not exempt all of it and thus turn some over just because their firearms and not a need.

This makes no sense, firearms are ordinary property. You can exempt property up to your 8K wildcard, you can pick and chose what to exempt. Something being a "need" has nothing to do with it.

As long as your muzzleloader is at the pawnshop, you can get a value for your firearms from them.

Now if you live in Texas, you get a special exemption for a rifle shotgun, and a pistol....

Tom in Colo

ps: some other states have special exemptions for firearms too

[bigtim6656]

for the value since it is in the pawn shop, should I just use the value the gave me for the gun? which is about 25% of the new cost.

[tobee43]

what??? i never ever mentioned r guns??? they are like our underwear?? LOL!!

[bigtim6656]

I could but figured since I had the exemption money for it I see no reason. The muzzy is not traceable as I paid cash and they are not done with a ffl form. Though I got the exemption cash for over it

what??? i never ever mentioned r guns??? they are like our underwear?? LOL!!

[tobee43]

why mention it...even if the ffl form is not completed. use your exemptions for something else if you can. i would and did.

[bigtim6656]

I guess your right,I am sure every one leave something off v
I am sure we all forget something something we use everyday and do not think about we might never really think about claiming. Like our washer and dryer. I would not have thought about it(but not mine so no biggy, but new it was like 2k. I have a cheapo fish tank, plan was to turn it into salt water, but my lack of cash put that off and it is sitting empty and with nothing in it. Right now it is worthless, but as a salt water tank who knows a few grand is easy to get in fish. (thus the reason it is empty)

why mention it...even if the ffl form is not completed. use your exemptions for something else if you can. i would and did.

[tobee43]

Like our washer and dryer. I would not have thought about it(but not mine so no biggy, but new it was like 2k

yes, i think those are a "better" choice to use as your exemptions. leave your guns out of it...i'm certain they will NOT be storming in your house to see what you are hiding...like a few guns you most likely have under lock and key anyway.

[Pandora]

I figured, my guns are worth about 500 but my muzzleloader is worht about 1000. Forgot about it cause it is at the pawn shop

What kind of muzzle loader is it? How old is it? Unless its a limited edition and rarer than most, your ML shouldnt be valued at $1K - you're claiming way too high on it. Even if you have top of the line scopes on it - you're still too high.

We currently own well over 40 guns and scopes - from rifles, shotguns, pistols, 410's, and muzzle loaders - our entire gun collection was not valued above 2500 given age and condition. It is valued at re-sale in the paper, not retail - and we exempted them all. I should mention that the one ML that was the highest valued was a top of the line Mossberg with scopes - and it still valued in due to its age around $300, all inclusive. Most of our other rifles/shotguns are from 1914-60's era.

If you are in a state that requires registration of your guns (as all guns have serial numbers and to not have one on a gun is a federal crime and can be taken by ATF) - then you're taking one hell of a chance in not claiming them, not to mention you're hiding assets.

Claim the guns - use the correct valuations on them.

[tobee43]

If you are in a state that requires registration of your guns (as all guns have serial numbers and to not have one on a gun is a federal crime and can be taken by ATF) - then you're taking one hell of a chance in not claiming them, not to mention you're hiding assets.

Claim the guns - use the correct valuations on them.

pandora actually makes a good point....however, you, pandora sounds like you own an extensive collection.

but if the OP guns are in the "Pawn Shop"....who has them at this moment....procession is 99% of the law? so how could one claim them if they are in the pawn shop and the monies used to pawn them have been spent? i understand there has yet to be a transfer of ownership of the items...but what if he's unable to get the out of the pawn shop?

[Pandora]

pandora actually makes a good point....however, you, pandora sounds like you own an extensive collection.

but if the OP guns are in the "Pawn Shop"....who has them at this moment....procession is 99% of the law? so how could one claim them if they are in the pawn shop and the monies used to pawn them have been spent? i understand there has yet to be a transfer of ownership of the items...but what if he's unable to get the out of the pawn shop?

It doesnt matter if you own 1 gun or 40 - you have to claim them, 1. because its the law, and 2. because if they're stolen and you dont claim them, and they're used for something illegal... it gets traced back to you via serial number... and well - insert 1. back here ;)

If the OP pawned the gun and the paperwork was filled out - the pawn shop becomes the legal owner of the gun only after the timeline is missed to get it out of hock. At that point in time, the pawn shop will submit forms to the state ATF department to re-register the gun in their name with the serial number, thereby taking control of the gun. Until that time - the gun remains in the OP's possession and ownership.

[tobee43]

Until that time - the gun remains in the OP's possession and ownership.

but right now the guns are in the pawn shop?

for the value since it is in the pawn shop, should I just use the value the gave me for the gun? which is about 25% of the new cost.

so while he may still have ownership...he does not have actual possession.

i know our state had gun exemptions...so it really was not a problem and we did not claim ours for a few reasons. main reason ours was exempt was....
one of us uses guns in their line of employment. carries at all times.