Arizona Governor Ducey Signs Firearm Bankruptcy Reforms

courtesy patriotwood.com

Arizona has increased the bankruptcy exemption for firearms to two thousand dollars. Previously, only one gun was allowed to be exempted as part of a basket of items that were limited to a total of one thousand dollars.

As 12news.com reports:

But people filing for bankruptcy also have a choice to make. Under current Arizona law, they can keep only one shotgun, one rifle or one pistol.

The Republican-controlled Legislature wants to change that. The Senate is one step away from passing a bill allowing bankruptcy filers to keep up to $2,000 worth of weapons – any kind of weapon. The exemption expands to $4,000 for a couple.

“You could own four AR-15s in your household and still fall within that exemption amount,” McGuire said.

Supporters says citizens must retain their ability to defend themselves.

HB 2211 passed the House 34-25 in February. It passed the Senate by a narrower 16 to 12 margin in April and Arizona Governor Ducey signed it into law.

As valuable pice of property that is specifically mentioned in the Bill of Rights, firearms are specifically listed under bankruptcy exemptions in a number of states.

From jweller.com:

The Idaho State Exemption permits one Firearm valued at $750 or less. In Iowa, the State Exemption provides for one shotgun, and either one rifle or one musket. There is no dollar value limitation in Iowa.

In Louisiana, the State Exemption limits the Debtor to one firearm with a maximum value of $500. In Mississippi, firearms are included in its State Exemption for Household Goods, which entitles the Debtor to a cumulative total of $10,000, in a laundry list of Household Goods. Included in this list is Firearms, of which the Debtor may claim an Exemption in one Firearm. The State Exemption in Texas provides for two Firearms with no limitation on value.

The remaining States of Montana, Nevada, Ohio, Oklahoma, Oregon, Virginia, and Wisconsin, all have State Exemptions that address Firearms in different permutations. Generally, most State Exemptions for Firearms limit the number of Firearms protected by the Exemption or the aggregate value of the Firearms, or both.

The dollar amounts listed are frozen at the time the law passed. Arizona has no provision to advance the amounts with inflation. If the intent of the legislation is to be maintained, the amounts will have to be updated in the future.

Lawmakers that create exemptions in bankruptcy law for firearms are showing support for the Second Amendment and the right to defense of self and others.

©2018 by Dean Weingarten: Permission to share is granted when this notice and link are included.

Gun Watch

comments

  1. avatar Geoff PR says:

    Times like those are when having people you can trust becomes *very* helpful…

    1. avatar Tom in Oregon says:

      Yup.
      As well as not having any kind of “registration”.

    2. avatar Kenneth says:

      Too bad the most valuable guns were all lost in those tragic boating accidents.

      1. avatar Geoff PR says:

        When they get around to mandatory registration, those water-logged ‘lost’ guns will have to *stay* lost unless the owner wants to risk prison.

        In keeping with the original intent of the 2A (that it is a firm reminder to ‘government’ of who actually works for who) registration laws will have to be ruled unconstitutional by SCOTUS…

  2. avatar GS650G says:

    Without registration it might be hard to determine exactly how many valuable firearms you have.

    Just sayin……..

  3. avatar Paul Mcmichael says:

    You said it brother! I own several custom hunting rifles that bust the $2000 ceiling. Same with at least half my military style rifles as well as a few handguns. Glad they’re expanding the limits, they need to get a grasp of what firearms sell for today.

    1. avatar Art out West says:

      I’m glad you have some high quality firearms. Hopefully you didn’t put yourself in the poor house to buy them.☺. I assume you have a good income, good savings, and no debt.

      My firearm collection is more modest, though I don’t worry much about bankruptcy. Having a paid for house, being debt free, and a healthy savings account is really nice.

      Still, bankruptcy could happen to anyone due to a frivolous lawsuit, or crazy medical bills.

      This new AZ law seems reasonable.

      1. avatar Paul Mcmichael says:

        You are exactly right, Art. Started serious firearms buying when I was in the army. No expenses and no debt. Bought my first H&K 91 for $450. H&K was offering a $50 rebate on 91s and 93s at the time. Those were the days! Yes I’m debt free, no mortgage, or rent, modest cash savings. I look at my firearms as investments. Easily liquidated, appreciate in value faster than most other investments and I get to enjoy them at the same time. Sure as shit rather have them than a stock certificate. The secret is buy the right firearms at the right price. When I was discharged from the army I bought a lightly used 6″ stainless Python as a present to myself. For $600. Priced Pythons lately? Still have it. When I retired from the sheriff’s office I gifted myself again. This time a factory hard chrome H&K P7M8 with night sights. $1100. Price those and see what you find. Last Monday I bought a pristine Springfield 1903-A3. And I mean pristine. $800. I’ve already been offered $1200. Where else are you going to make 50% on your money in six days? Looking at it right now. So new to me it hasn’t even made it into the safe yet. lol

        1. avatar Paul Mcmichael says:

          And your right. New AZ law is commendable. My only problem is $2000 is nothing in today’s firearms market.

  4. avatar former water walker says:

    Good to see but as mentioned it would be EZ to hide without registration. Or “giving” your gat to a trusted friend or relative. And it depends how complex your wrecked finances are…I certainly wouldn’t post gun pics on social media like I see dozens of times per day!

  5. avatar Gun Owning American says:

    Some commonsense gun laws we can all get behind.

  6. avatar Aaron M. Walker says:

    You wouldn’t find that here in New England…In say like the People’s Republic of Massachusetts…I believe in that state THEY can strip YOU of all YOUR Constitutional Rights if YOU have NO Job ! Or YOUR employer doesn’t want YOU to have anything! That sounds more like Massachusetts….

  7. avatar Wood says:

    What about bows? I’d be hard pressed to keep 2 bows for $2k 😢
    Would definitely need to stash with trusted friends and/or family.

  8. avatar Tim says:

    Don’t declare bankruptcy, gents. Ask me how I know.

    1. avatar Paul Mcmichael says:

      Yep. During the time of our hard won independence debtor prisons were common. Indentured servents? The same. When they were bought out they were required to give seven years of service if my memory serves. Our founding fathers did away with that. Never declared bankruptcy, but I understand it hamstrings you almost as badly. Good luck Tim.

  9. avatar Mort says:

    After SB1519 (“School Safety” nonsense) recently…

    I no longer trust Ducey with the 2A. Steve Smith and the Republicans in the State Senate dutifully and admirably slapped down every single Democratic amendment to the bill (including assault weapons ban & registration scheme, “bump stock” bans, and background checks on private sales). But Ducey supported and pushed for the “Severe Threat Order of Protection” that empowered police to seize firearms at the request of almost anybody– friends, family, co-workers, medical professionals, counselors, even non-related roommates and housemates. He also would have signed the bill with a law making it a felony to leave a firearm anywhere that a minor has access to it. Smith and the Republicans gutted the bill and only passed it allowing police officers to petition a judge to determine “clear and convincing evidence” of a threat to self or others before issuing a judicial order to temporarily seize firearms, with a clear process to have them returned. (Basically, the police can already do that….)

    Ducey, essentially, endorsed “take the guns first, do the due process second.” And I am sorry– but I don’t get behind “guilty until proven innocent,” and Pre-Crime and Thought Crime, and what “might-perhaps-maybe-possibly-probably-likely-could-definitely happen” as a reasonable justification for bypassing and nullifying Constitutionally protected guaranteed civil rights.

    But then, we know that some people don’t see 2A as a necessary civil right, especially on par with the 1A, 4A, 5A, 6A etc.

    Ducey opted for the “it’s common sense” justification, but I don’t see it. I see a lot of room for wanton abuse based on fear, prejudiced ignorance, and unfounded hysteria. (And a ton of abuse based on he-said-she-said drama.)

    Thankfully, the bill died in House and won’t go to Ducey’s desk, but he is still on record as opposing his own party’s rejection of anti-2A measures. Likely, the Democrats are just going to try again later, then.

    Be safe.

    PS– $2000, better, perhaps even reasonable… but, IMO not enough.

  10. avatar Klaus Von Schmitto says:

    Wouldn’t most people give their coin collections, Grandmas’ jewelry and their guns to the kids, bother or sister or cool cousin billy before filing for bankruptcy ?

    I mean it seems like a common sense move and you get your stuff back when you’re done.

    1. avatar Geoff PR says:

      ‘Trust’ is the key issue there…

  11. avatar ironicatbest says:

    Who designed Arizona’s flag, a Japanese Communist?

    1. avatar Mark H says:

      The AZ flag was designed by the Arizona State Rifle Team at Camp Perry in 1910.

  12. avatar Green Mtn. Boy says:

    It would appear if Arizona is in need of a US Senator,hopefully they can locate a Non RINO,someone who isn’t a Stain or a FLake

  13. avatar neiowa says:

    “Shall not be infringed” would seem to cover this subject.

  14. avatar Geoff says:

    IMO.
    If you live in a State that does not register firearms then why would you list them when filing for Bankruptcy?
    Who’s going to know?
    Jus’ Sayin’.

  15. avatar Rich Turyn says:

    Let none of us forget that giving valuable property to another to hide and hold it while you do a bankruptcy is a federal felony with heavy fines and up to years in prison when you’re caught.

    1. avatar Toni says:

      yes and if you pay cash for all or most purchases, real cash not debit card etc, dont go through background checks which you can for private sales there and they are not anywhere in the vicinity when you go bankrupt and you dont go blabbing about having them to anyone how are they going to know anyway. keep a couple cheap ones there while you are going through it all and they think that is all you have

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