Apr 19, 2022 01:34 PM
WASHINGTON, D.C. (WWTI) — Rep. Elise Stefanik is voicing support for new legislation aiming to protect second amendment rights for people who declare bankruptcy. She wants to modify federal bankruptcy laws to let an individual debtor exempt up to $3,000 in guns from their bankruptcy estate.
On April 11, the Protecting Gun Owners in Bankruptcy Act of 2022 (H.R. 7493) was introduced by House Republications to amend Title 11, which concerns federal bankruptcy law. Stefanik cosponsored the legislation, saying it would “ensure an individual’s right to self-defense is not stripped due to financial hardships.”
“I am proud to sponsor legislation to ensure gun owners can always maintain their Constitutional right to bear arms,” Stefanik said in a press release. “The government should not be allowed to take advantage of lawful gun owners who have declared bankruptcy.”
Stefanik added said that the bill also labels firearms as household goods that are not subject to liens. This would be a claim against assets used as a collateral to satisfy a debt in bankruptcy situations. Following its introduction to Congress on April 11, the Protecting Gun Owners in Bankruptcy Act of 2022 was referred to the House Committee on the Judiciary.
The full legislation can be read below:
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