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I know that this post better belongs in one of the other topics, but I am in a bit of a pinch and I need alot of people to see this and give advice.

My brother is going to be filing for bankruptcy soon and he has a family heirloom of my dad's full auto mac 10. We don't know if he is going to be able to keep it, and what needs to be done so it stays in the family. So if anyone here has experience with bankruptcy and guns let me know. If I need to take it I need to know what stamps and licenses I need to get and how long it takes to get them. Thanks for the help in advance, and agian, sorry for putting the post in the p99 forum, I just need alot of people to see it so, sorry admin.
Wagemage
 

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Good advice ShipWreck! I wouldn't know where to start in advice, except being a family heirloom, I'd do what I could to keep it in the family...
 

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You need to find yourself a class 3 dealer in your area. He or she will be able to take you through the process. What you could do is buy the $200 tax stamp and then have him sell it to you for cheap. That way it will stay in the family and he'll have proof that he sold it to you. But, you better hurry, it takes a while for the government to do all the background checking, etc to get you a stamp.
 

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P-88 is correct .......it can take a very long time for all the federal and State paperwork to clear.

In my area it takes a good 6 months for BATF to give the OK .......... I have heard stories as quick as 4 weeks, but this is NOT the norm.

You will also need your local Police chief to sign off on the paperwork........in our area it is the State Police Chief Admin. that signs off.

Bottom line -- it is not a quick process......

JF.
 

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May be, you could buy the gun from him NOW, pending the legal paper work going through??? Have paper work with your brother showing the sale in said manner with the date prior to him going BR.

Remember, I know nuthing...
 

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Well, for class 3 firearms, you must pass an extended background check and have a law enforcement official sign off on the paperwork. Only after all that is processed and approved can you legaly transfer the firearm. Your only option if you can't get the paperwork complete in time is to see if you can find a class 3 dealer that would be willing to "buy" it from you untill the paperwork is complete.
 

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What you are proposing may not work as well as you think. It could be viewed as a sham transfer. A sham transfer is a quick sale of valuable property to a family member or friend for an amount well under fair market value. They are done in order to remove the property from a person's estate for the primary purpose of shielding it from the person's creditors.

I am not really up on bankruptcy law, especially with the recent changes, but if memory serves the Bankruptcy Court can look at recent transactions and undo what are essentially sham transfers. Where you might be able to get away with transferring expensive jewelry or art since there is little to no record, you could have more difficulty with property that has a paper trail (i.e. real estate or stock). It seems that the firearm would generate enough paperwork to be found.

I would certainly tread carefully here if I were in your shoes. I know that bankruptcy fraud is a crime and I am aware of a woman who ended up doing time for intentionally hiding assets while she was going through bankruptcy. I do not know if a sham transfer would be treated as the same thing, but it seems like you may be gambling with potential civil and criminal penalties.
 
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