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Gun ownership rights and bankruptcy

When it comes to gun control laws let's just say Illinois comes out on the progressive side of the equation. According to gunlawscorecard.org, Illinois ranks as one of the top states for what the group considers to be "common-sense gun policies."

That may mean that it takes more effort to buy guns in the state. It does not mean that gun ownership is nonexistent. Indeed, there are a lot of people who have a penchant for collecting firearms. In some cases, the collections can be significant, expensive and have a great deal of sentimental value. Is there a way to protect such possessions if you determine that you need to seek the protections of Chapter 7 bankruptcy? The answer is that it depends and the only way to be sure is to check with a skilled bankruptcy attorney.

As a Congressional Research Service study revealed in 2013, some states have taken measures to reinforce the right to bear arms guaranteed by the Constitution by allowing residents to specifically exempt firearm collections from bankruptcy. The way this is done in some instances is by putting such items into a trust. Some states allow the specific exemption of weapons up to a certain value. And then there are states with a wild card exemption.

Illinois has such a wild-card provision in place. The wild card exemption leaves the door open for just about anything. Various items of personal property that add up to a value of $4,000 may be put on the list for exemption from creditors.

Financial difficulty can strike anyone. Seeking the benefit of bankruptcy protection is a right aimed at giving individuals the chance to get out from under those debt troubles. To be sure you understand all your rights and find the right means of recovery for you, contact an experienced lawyer.

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