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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

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Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

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Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

Bankruptcy & Firearms in New Jersey

| Sep 6, 2013 | Chapter 7 Bankruptcy |

When you file a bankruptcy case, you are required to disclose all of your assets. Guns are considered an asset. A firearm may be a tool of your trade, an investment, used for personal protection or as a hobby. Thus, when you schedule your guns in your bankruptcy filing, it is important to understand how they will be treated in your case. There are several exemptions which a debtor can claim to remove the guns from the bankruptcy and allow the debtor to keep them. Below are the applicable federal exemptions: 11 U.S.C. § 522(d)(5): $1,150.00, which is the federal catch-all exemption and may be applied to any personal property owned by the debtor; 11 U.S.C. § 522(d)(5): Up to $10,825.00 of unused home equity not already exempted under 11 U.S.C. § 522(d)(1); 11 U.S.C. § 522(d)(6): $2,175.00 for tools and equipment used in business. For this exemption to be applicable, the debtor must establish that the firearms are necessary for the debtor’s trade, employment or business. New Jersey does not offer an exemption for tools of the trade and there is no “wild card” exemption. Thus, many New Jersey debtors opt to use the applicable federal exemptions to protect their firearms. If you own firearms and you are considering filing for bankruptcy protection, contact Levitt & Slafkes for help. We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney at Levitt & Slafkes, P.C..  

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