130 guns, 20,000 rounds of ammo found in foreclosed CT home

[slackmaster]

152. I doubt that it was a question of keeping the gun collection vs. having a roof over one's head

The person is going to end up living somewhere one way or another. Nobody is going to be put out on the street.

Let's suppose, and this is PURELY HYPOTHETICAL, that the debt owed on the mortgage exceeds the value of the gun collection by so much that completely liquidating the collection would make no practical difference to the person's financial situation. Let's also assume that a Chapter 7 bankruptcy will be the outcome after the foreclosure is completed. (IOW the owner is in far too deep to save the property through a Chapter 13 even if all assets such as the guns were sold off.)

Would it make sense to sell the collection now, since the person is surely going to lose the house to foreclosure anyway? Walk away from the house and into a rental home that the person can afford on his or her income. The money from selling the collection would be taken in bankruptcy court toward settling the debt.

Or would a more rational course of action be to hold on to the guns, which are presently appreciating in value at historic rates, let the house go, and relocate to an affordable rental? Chapter 7 goes through, but the creditors CANNOT lay any claim to the gun collection as they could have the cash that resulted from the sale of the guns in the other scenario.

One way the person ends up bankrupt and in a rental, with $60K worth of guns.

The other way the person ends up bankrupt and in a rental, and no assets.

What would YOU do if you were in the same situation and actually thought about the consequences?