What is property exempt from bankruptcy in Missouri?

Protecting property is one of the most important things a person who is filing Chapter 7 bankruptcy needs to do. However, each state has laws that limit the type of property that can be kept after a bankruptcy filing. The court does want the filer to have the necessary tools and means to build a strong financial future, but at the same time, the court is also considering creditors. Property that is not protected is seized and the funds from the sale are used to repay creditors.

Property Protected

In the state of Missouri, some specific types of property are protected from creditors and from the seizure by the bankruptcy court. The following is a non-exhaustive list of most major types of property protected.

• Your home or other real property valued up to $8000 or up to $1000 for mobile homes.
• Most types of insurance, including disability benefits, insurance premium proceeds, life insurance proceeds and stipulated insurance premiums.
• Alimony and child support up to $500 per month.
• Property within a partnership business.
• Most types of pensions and retirement plans.
• Appliances and household goods up to $1000 in overall value.
• A burial plot up to $100
• A motor vehicle up to $1000 in equity
• Most types of public benefits

The state of Missouri also has a wild card benefit, which allows up to $1250 of any property to be protected on top of what is already listed if the head of the family files bankruptcy.

Hire an Attorney

If you are considering bankruptcy, hire an attorney. A bankruptcy attorney will work with you to protect as much of your property as possible, to ensure that you are able to get the fresh financial start you need.