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Bankruptcy Protection: Allowing Debtors to Keep Firearms Up to $3,000.

This law changes bankruptcy rules, allowing individuals who file for bankruptcy to keep firearms valued up to $3,000. This protects this specific asset from being seized and sold to pay off debts, offering financial relief for gun owners facing insolvency.
Key points
Individuals filing for bankruptcy can now exempt (keep) their firearms from the bankruptcy estate.
The maximum protected value for one or more firearms is set at $3,000.
These protections apply only to new bankruptcy cases filed after the law is enacted.
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Expired
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Additional Information
Print number: 118_HR_962
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-02-09
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Gun Owners in Bankruptcy Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_962.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-09.

What are the main provisions?

Key points include:

  • Individuals filing for bankruptcy can now exempt (keep) their firearms from the bankruptcy estate.
  • The maximum protected value for one or more firearms is set at $3,000.
  • These protections apply only to new bankruptcy cases filed after the law is enacted.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Tenney, Claudia [R-NY-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on the Judiciary.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Courts and Law Economy