Washington, D.C. – Congresswoman Elise Stefanik joined her colleagues in introducing the Protecting Gun Owners in Bankruptcy Act (H.R. 7493) to ensure an individual’s right to self-defense is not stripped due to financial hardship.
“I am proud to sponsor legislation to ensure gun owners can always maintain their Constitutional right to bear arms. The government should not be allowed to take advantage of lawful gun owners who have declared bankruptcy,” Stefanik said.
This legislation, led by Congressman Chris Jacobs (R-NY), 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 also specifies that such firearms are household goods that are not subject to liens, a claim against assets used as collateral to satisfy a debt, in bankruptcy.
Read full bill text here.