If you’re filing for bankruptcy, it’s important to understand that there are exemptions that can protect some or all of your property in the state of Missouri. Depending on your circumstances, these exemptions may apply to Chapter 7 or Chapter 13 bankruptcy. In today’s blog, the bankruptcy attorneys at Groce & DeArmon talk about a few of the exemptions you could utilize when declaring bankruptcy in the state of Missouri.
Missouri Bankruptcy Exemptions
Before you read our list of exemptions, please note that you can only exempt property using state exemptions in Missouri. You may not use federal bankruptcy exemptions. Also keep in mind that married couples in Missouri filing for joint bankruptcy may double exemption amounts, with the exception of the homestead exemption. Make sure to consult with your bankruptcy attorney when determining what exemptions you are eligible for.
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This exemption covers up to $15,000 in real estate property or up to $5,000 for a mobile home. This figure applies to the amount of equity put into the home, real estate, or property and not the total value of the property.
This exemption covers up to $750 per month for support, alimony, or maintenance.
This exemption protects up to $3,000 of equity in a motor vehicle, or $6,000 for a married couple sharing a joint vehicle.
Household Goods/Private Property
Some household goods may be exempt up to $3,000 or $6,000 for married filers in Missouri. Household goods include items such as appliances, furnishings, crops, clothing, books, and instruments.
This exemption covers up to $1,500 for a wedding ring and up to $500 for all other jewelry.
Firearms and Ammunition
This exemption protects up to $1,500 worth of firearms, accessories, and ammunition.
You can protect up to $150,000 of life insurance dividends, loan, or cash surrender value, and interest, if you purchased these benefits more than six months prior to filing bankruptcy.
There are items that may not fall under specific categories (listed above or otherwise) that may still be exempt using the wildcard exemption. This will cover up to $600 in the equity of any items not covered in existing categories.
Head of Household
If the head of the household filed for bankruptcy and provides most of the income for the household, that person may be exempt from any item or asset up to $1,250 in addition to the wildcard exemption. They may also exempt for an additional $350 for each child under the age of 21 who resides in the household.
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Groce & DeArmon Can Help
If you have any questions about which exemptions you qualify for when filing for bankruptcy, it’s a good idea to contact a trusted bankruptcy attorney. Our staff can help. The bankruptcy attorneys at Groce & DeArmon have over 30 years’ experience with Chapter 7 and Chapter 13 bankruptcy in Missouri. Get started today by scheduling a free consultation or calling us at 417-862-3706.