What about firearms? Are they 'household' property?

[JJDog]

Just wondering in case I can't sell one. Thanks

[btbeme]

Assets are assets, unless you can specifically show the Trustee that they are not yours. A vehicle in your name, but that someone else made every payment on - that is fairly clear to a Trustee. Generally, if a Trustee sees an asset, they assume it is yours.

[Sammie]

Firearms in NC are considered a asset.sammie

[tobee43]

certainly, i'm sure you being a gun owner understand many guns are extremely valuable, of course, others are not. if you have to list it you should find out what the value is and include it. hopefully it may be possible to include it in your exemption limitation.

[LadyInTheRed]

I don't think the question is whether firerms are assets. I think what JJDog wants to know is whether he can exempt his firearms under the Colorado's exempton for "household goods".

I am sure an arguement could be made either way. You will need to talk to your attorney about this as it really comes down to what the trustees in your district are likely to object to. One way to avoid attention is to list "miscellaneous household goods" that includes the firearms and other household goods and hope the trustee doesn't ask for more specific information. A local attorney will know what is acceptable.

[AngelinaCatHub]

I don't think the question is whether firerms are assets. I think what JJDog wants to know is whether he can exempt his firearms under the Colorado's exempton for "household goods".

I am sure an arguement could be made either way. You will need to talk to your attorney about this as it really comes down to what the trustees in your district are likely to object to. One way to avoid attention is to list "miscellaneous household goods" that includes the firearms and other household goods and hope the trustee doesn't ask for more specific information. A local attorney will know what is acceptable.

I certainly agree. However, my personal opinion is that in our day and time, I do consider them as household goods and vehicle accessories. 'Hub

[LadyInTheRed]

I certainly agree. However, my personal opinion is that in our day and time, I do consider them as household goods and vehicle accessories. 'Hub

That's my personal opinion too. For most people they are either for household defense or household food. Sounds like a household good to me.

[btbeme]

For some people, a firearm is a Tool of the Trade...

If I were a Trustee, I'd measure what was and was not a "household good" by seeing if it was something that IKEA sold. But, as LIR says, Trustees and jurisdictions are all different, so best to ask a local atty who would know. Fortunately (?) as tobee says, most of our "stuff" is worth little or nothing, depending on what the pawn shop would offer you.

[Pandora]

we were able to include all of our firearms as household....but the trustee may require names, makes, etc - along with fair market value (ours did..but then again, we have over 30)

[LadyInTheRed]

For some people, a firearm is a Tool of the Trade...

Good point.

[tobee43]

For some people, a firearm is a Tool of the Trade...

If I were a Trustee, I'd measure what was and was not a "household good" by seeing if it was something that IKEA sold. But, as LIR says, Trustees and jurisdictions are all different, so best to ask a local atty who would know. Fortunately (?) as tobee says, most of our "stuff" is worth little or nothing, depending on what the pawn shop would offer you.

it is in our case, actually for one of us it's or was a requirement for employment. with the firearms, no job.

[AngelinaCat]

I agree with many of the above posts, particularly regarding 'Tools of the Trade'. However, many states, including Florida, do NOT have a 'Tools of the Trade' exemption. That is how 'Hub got nailed for the seven computers in our place for his 'Computer Consulting' little side business.

[tobee43]

I agree with many of the above posts, particularly regarding 'Tools of the Trade'. However, many states, including Florida, do NOT have a 'Tools of the Trade' exemption. That is how 'Hub got nailed for the seven computers in our place for his 'Computer Consulting' little side business.

ahhhhhh, ok. makes sense. i know tax wise it works, bk maybe not so much. i really don't remember exactly how we handle his guns. although, about 2 years before filing we sold quite a few. he still needed one to get a job.