I'm sure that we've all run across this problem, what do we do? Most people say just leave it, the hook will dissolve, or rust away. Think again.
Here's a link to a great article on the subject: http://www.outdoorfrontiers.com/modules.php?name=News&file=arti...
While fishing a private pond last spring, my friend hooked a bass that broke his line. About four-five months later, we caught that same fish, with the top of the jighead exposed from the gullet. This article talks about the rate that certain hooks dissolve, or in most cases, DON'T dissolve.
There is a way to safely remove the hook from a Gut hooked fish. The article talks about it, but doesn't explain how to do it.
1. Cut your line close to the eye of the hook.
2. CAREFULLY rotate the eye of the hook down between two of the gills. This should position the hook so the eye is pointing at the tail of the fish.
3. Using your pliers, firmly grasp the hook right above the barb, and slowly pull straight out.
This works. Unfortunately, I've had to try this a few times. Each time the hook came out with VERY little effort and NO blood at all.
Granted, it is a lot easier to just cut the line and let the fish worry about it; but this only takes about a minute to do.
Here's a link with a diagram ont this technique: http://www.in-fisherman.com/magazine/articles/if2806_HookRemoval/in...