House Republicans Introduce Bill to Protect Gun Owners in Bankruptcy

The House Republicans are standing up for gun owners stuck in times of financial distress.

The Protecting Gun Owners in Bankruptcy Act was formally introduced this week, with Rep. Chris Jacobs, R-N.Y. and Rep. Elise Stefanik, R-N.Y. taking the promotional lead on the proposal.

If passed by the House, Senate, and President Joe Biden, the H.R. 7493 legislation would "modify federal bankruptcy law to allow an individual debtor to exempt from their bankruptcy estate one or more firearms up to a total maximum value of $3,000."

The bill would also classify firearms as household goods, and thus, not be subject to liens or a claim against assets used as collateral to satisfy a debt, in bankruptcy.