Alabama Bankruptcy Exemptions and Gun Ownership

A person filing for bankruptcy in Alabama has some options when approaching their exemptions if they want to protect their firearms. These exemptions are provided both on the state and federal level, possibly protecting the debtor’s guns from Chapter 7 bankruptcy proceedings. These proceedings often require a debtor to sell off their property to cover the expenses of their debt. However, an exemption can allow a debtor to keep certain property, such as firearms, during this process.

In the state of Alabama, the wild card exemption is the simplest way for a debtor to guard their firearms from Chapter 7 bankruptcy. The state wild card exemption is available for any type of property that a debtor wants to exempt from Chapter 7 proceedings. This can be used to protect a gun or a collection of guns. Considering that a firearm may be particularly valuable, this exemption can be extremely useful if a debtor’s property concerns include firearms.

In addition to the wild card exemption from the state, the tools of the trade exemption may be used to protect firearms if a debtor uses those firearms as a part of his or her job. While this is rare, this exemption is available in case the debtor belongs to a profession that requires gun ownership. This may be true for a debtor that works as a hunter or primarily makes money through hunting.

In addition to these exemptions, federal bankruptcy exemptions may be available to protect household properties.

To learn more about your options as a debtor, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC, today at 205-324-4000.