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I don't have the exemptions in front of me. Once upon a time when I did there was an exemption for collections, such as stamp collections, etc., as well as jewlery, etc., as what a woman would have as part of her usual possessions.
Once you state and file the exemption, the trustee has no power over it.
I suppose the trustee or a credit might bring a proceeding to have the judge determine the value of the items, or otherwise question the legitimacy of it.
Let me check for a paragraph.
704.020. (a) Household furnishings, appliances, provisions, wearing
apparel, and other personal effects are exempt in the following
cases:
(1) If ordinarily and reasonably necessary to, and personally used
or procured for use by, the judgment debtor and members of the
judgment debtor's family at the judgment debtor's principal place of
residence.
Even that dim-witted v p guy knows a shotgun is an ordinary household possession.
A self defense hand-gun.
Someone else mentioned a security guards gun, or guns, a tool of the trade.
704.040. Jewelry, heirlooms, and works of art are exempt to the
extent that the aggregate equity therein does not exceed six thousand
seventy-five dollars ($6,075).
Grandads valuable rifle, pistol.
Private pension plan. I suppose one could make a claim that their gun collection was part of a private retirement plan, to become a gunsmith as a retirement plan.
All you need is that one judge who has planned to retire and use his tools to work on cars or motorcycles the rest of his life as his retirement to hear your case. He will rubber stamp your plan.
These are just some of one of the California exemption plans. There may be other ideas that would work. The worst case scenario is that the judge will say no, some of these guns must be sold.
Now, this is NOT advice.
If you have a $100,000 or $200,000 gun collection, you may want to liquidate some of it BEFORE YOU EVEN THINK ABOUT BANKRUPTCY.
Your intent is most important there.
Oh, and I give no advice whatsoever here.
dc
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