Protecting Your Firearms in Bankruptcy

Did you know that your Second Amendment right to bear arms has nothing to do with bankruptcy? In this video, I’ll discuss the effects of owning firearms and bankruptcy.

The Second Amendment

The Second Amendment states that “A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.”

In my case, I own a Ruger P89. The first gun that I bought the day I turned twenty-one. I still have that Ruger and a leather shoulder holster I purchased at a gun show in West Palm Beach a few months after I bought the Ruger.

I’ll be honest. I got the leather shoulder holster because of “Sonny Crockett” (Don Johnson) from watching Miami Vice episodes in the 80s. I still want to be Crockett. Who wouldn’t love to live on a sailboat with a pet alligator named “Elvis?”

I also own a Witness .45 caliber that I purchased from a friend, and I recently bought a Smith & Wesson .38 caliber to carry. I was concerned with loose dogs running around every time I walked my dog.

However, shortly after purchasing the .38, my wife and I sought land in northern Florida. A few seconds after we got in the car, we were surrounded by a pack of wild dogs. They were even blocking the car and chased us for a while.

Now, how do we tie guns, the Second Amendment, and bankruptcy together?

Are Your Guns and Firearms Protected in Bankruptcy?

Not all states exempt firearms when it comes to bankruptcy. Remember, exemptions are another way of saying protections for personal and real property.

In some states, like Florida, a gun is nothing more than an asset. So, imagine a gun collector. For example, one of my friends, a retired police officer, is close to the century mark with firearms. If every gun he owns is $100 each, times 100, that equals $10,000. So, he has already passed Florida’s bankruptcy exemption of $4,000. But he owns a home, so the exemption is $1,000.

So, using my cop friend as an example, since he is approximately $9,000 over-exempt, that is the amount he would have to pay back in bankruptcy. His options at that point are surrendering the guns to the trustee who sells them at auction or “buying back” the bankruptcy estate’s interest.

If he were to file a Chapter 7 bankruptcy, at most, the trustee allows a plan payment of ten to twelve months. With Chapter 13 bankruptcy, the over-exempt amount is paid back over three to five years.

So, if you own firearms, you need to confirm with the bankruptcy lawyer to what extent your guns are protected before you file for bankruptcy. Each state varies when it comes to exemptions. For example, in Texas, up to two firearms are exempt.

Now, regarding the Second Amendment, the right to bear arms has nothing to do with the value of those firearms. Those are two different areas of law. So, Second Amendment protections do not extend to bankruptcy law.

I hope you enjoy the video. You can visit my YouTube channel via this link. Prior YouTube blog posts can be seen via the archives page.

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Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon Books. To access my YouTube channel, click this link. Archives can be found via this link.

Updated March 29, 2025.