Bill Overview
Title: Protecting Gun Owners in Bankruptcy Act of 2022
Description: This bill modifies 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 also specifies that such firearms are household goods that are not subject to liens in bankruptcy.
Sponsors: Rep. Jacobs, Chris [R-NY-27]
Target Audience
Population: People living under U.S. law who may own guns or file for bankruptcy
Estimated Size: 40000
- The bill affects individuals who file for bankruptcy, as it specifies exemptions related to firearms for these individuals.
- The bill pertains to gun owners who possess firearms up to a total value of $3,000, as it provides specific exemptions for their firearms during bankruptcy proceedings.
- The bill indirectly affects creditors in bankruptcy cases, as it delineates what assets can be seized or kept by the debtor.
- As the bill relates to U.S. federal bankruptcy law, it primarily affects individuals and legal entities operating under U.S. jurisdiction.
- Statistical data on bankruptcy filings in the U.S. and the rate of gun ownership is essential to estimate the affected population.
Reasoning
- The bill directly impacts individuals who file for bankruptcy and own firearms, as it allows them to exempt firearms up to a value of $3,000 from their bankruptcy estate. This implies a financial relief for those specific individuals.
- Given the high rate of gun ownership and the substantial annual personal bankruptcy filings in the U.S., a significant, but specific subset of individuals might be affected.
- On the flip side, the bill could have implications for creditors as it affects the collateral they might claim in bankruptcy proceedings.
- Consideration must be given to the geographical distribution of gun ownership and bankruptcy filings to estimate regional impacts.
- The budget limits imply that only a portion of potential beneficiaries will receive the benefit annually, depending on the cost per individual.
Simulated Interviews
construction worker (Texas)
Age: 45 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- This policy makes it easier for me to keep my family safe in tough times.
- Guns are expensive, and not losing them when I'm already struggling financially is a big relief.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
small business owner (California)
Age: 52 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- It's nice to keep something of personal and family value when everything else is at risk.
- The policy helps maintain a bit of stability, which is important when you're rebuilding.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 3 |
| Year 2 | 5 | 3 |
| Year 3 | 5 | 3 |
| Year 5 | 5 | 3 |
| Year 10 | 4 | 2 |
| Year 20 | 4 | 2 |
IT professional (Ohio)
Age: 34 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- I support the policy but it doesn't directly affect me right now.
- If I were in trouble financially, it would be a welcome form of protection.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
freelance artist (Michigan)
Age: 29 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- I'm not sure how much this will help with my student loans, but it's a start.
- Keeping my self-defense tools is a bit of peace of mind.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 3 |
| Year 5 | 5 | 3 |
| Year 10 | 5 | 3 |
| Year 20 | 4 | 2 |
retired (Florida)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 7/20
Statement of Opinion:
- The policy doesn't change much for me, but it's good to know there's a safety net.
- Gun values can be high, so it's an important concern for those in tough times.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 6 | 6 |
teacher (New York)
Age: 41 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 9/20
Statement of Opinion:
- I like that there's a law protecting personal possessions during a bankruptcy.
- I hope I never have to benefit from it, but it's a good shield.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
real estate agent (Illinois)
Age: 38 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- This gives me some breathing room, knowing my firearms are protected.
- I'd rather not have to go through bankruptcy, but managing what I can keep helps a lot.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 5 | 3 |
| Year 5 | 5 | 3 |
| Year 10 | 5 | 3 |
| Year 20 | 4 | 3 |
nurse (Alabama)
Age: 27 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 7.0 years
Commonness: 6/20
Statement of Opinion:
- With my medical bills piling up, it's comforting that my firearms are protected.
- It's one less worry when dealing with potential bankruptcy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 3 |
truck driver (Kentucky)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- As a collector, I'm pleased there's protection for personal assets.
- I can see it being quite beneficial to some of my peers in tough times.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 4 |
software developer (Missouri)
Age: 33 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- This policy won't affect me right now, but it's a good safeguard.
- I'm supportive of any policy that protects personal property rights.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 7 | 7 |
Cost Estimates
Year 1: $3000000 (Low: $1000000, High: $5000000)
Year 2: $3000000 (Low: $1000000, High: $5000000)
Year 3: $3000000 (Low: $1000000, High: $5000000)
Year 5: $3000000 (Low: $1000000, High: $5000000)
Year 10: $3000000 (Low: $1000000, High: $5000000)
Year 100: $3000000 (Low: $1000000, High: $5000000)
Key Considerations
- The policy is largely administrative and affects asset categorization rather than spending or revenue generation.
- Indirect economic effects will depend on how frequently firearms nearing the $3,000 value limit appear in bankruptcy cases, influencing the financial recovery landscape for creditors.
- The policy could set precedent for additional exempt categories, affecting future bankruptcy legislation or filings.