If you are filing for bankruptcy, it is 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 bankruptcy as well as Chapter 13 bankruptcy. In today’s blog, the bankruptcy attorneys at Groce & DeArmon talk about a few of the exemptions that you may be able to use in the state of Missouri.
Missouri Bankruptcy Exemptions
Before you read our list of exemptions, it is important to note that you can only exempt property using state exemptions in the state of Missouri and 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.
This exemption covers up to $15,000 in real estate property or up to $5,000 for a mobile home.
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.
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.
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 their household, they 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 who resides in their household and is under 21.
Related Post: What Are the Wage Garnishment Laws in Missouri?
Groce & DeArmon Can Help
If you are considering filing for bankruptcy and have any questions about which exemptions you qualify for, it’s a good idea to contact your trusted bankruptcy attorney. At Groce & DeArmon, our attorneys have over 30 years of experience in Chapter 7 and Chapter 13 bankruptcy in Missouri to help you with your case. You can get started today by scheduling a free consultation or calling us at 417-862-3706.