Many clients worry that filing for bankruptcy will result in them losing all of their possessions and property. Fortunately, there are many exemptions that serve to protect your property if you file for bankruptcy.
In Missouri, if you file for Chapter 7 bankruptcy you are able to protect many if not all of your property with Missouri exemptions. here are 9 common exemptions for protecting property:
Homestead/Residential Property
This exemption serves to protect your equity in your home. More specifically, you are able to exempt a portion of the equity in the real estate or mobile home where you live or will live.
Domestic Support
Child support or alimony are included in this exemption.
Insurance Benefits
This exemption protects your life insurance:
Benefits for disabilities/illnesses
- Dividends
- Proceeds
- Specific premiums
- Unmatured life insurance policy/plan
Motor Vehicle
In this exemption, partial equity is protected for motor vehicles.
Personal Property
This exemption protects the partial value of your:
- Animals
- Appliances
- Books
- Clothing
- Furniture
- Health savings accounts
- Instruments
- Wedding ring (& other jewelry)
Life Insurance Benefits
This exemption protects your:
- ERISA-qualified benefits
- Retirement benefits for firefighters
- Retirement benefits for police department employees
- Retirement benefits for public officers/employees
- Retirement benefits for teachers
Public Benefits
This exemption protects your:
- Public assistance (including earned income tax credit)
- Social Security benefits
- Unemployment compensation
- Veterans’ benefits
- Workers’ compensation
Business Resources
This exemption protects the partial value of the tools of your trade/business:
- Tools
- Implements/Gear
- Books
Wildcard
This exemption protects up to $1,200 in value of any of your property.
Exemption amounts in Missouri are occasionally modified. To stay updated on these modifications, it is important to consult with your bankruptcy attorney.
Are You Considering Filing For Bankruptcy?
If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.
