One question we get a lot is what happens to my gun if I file for bankruptcy. Well, good news for Utah bankruptcy filers. As of June 2013, Utah bankruptcy filers can now exempt up to $250.00 in guns and ammo.
This means that if a bankruptcy filer owns this Glock 23 pictured here in generally good condition, the value of this gun would be between $400.00 and $600.00. Applying the $250.00 exemption leaves a residual value between $150.00 and $350.00. The reality of this situation is that a trustee is far less likely to sell a gun worth $150.00. Even if the trustee did want to sell the gun, you could make an offer and keep your gun for less than its actual value.
Of course the $250.00 exemption does not go very far into antique guns (although these types of guns may be covered by other exemptions), the gun exemption goes a long way to ensuring that your mos
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