If you file a Chapter 7 bankruptcy in Missouri, you can protect some or all of your property with Missouri’s bankruptcy exemptions. Here are 9 of the most common exemptions.
1. Homestead or Residential Property: The homestead exemption protects equity in your home. In Missouri, you can exempt a portion of the equity in the real estate in which you live or will live, or a portion of the equity in a mobile home in which you live (Mo. Rev. Stat. §513-430, 475)
2. Domestic Support: Including child support or alimony (Mo. Rev. Stat. §513.430)
3.Insurance Benefits: Life insurance dividends (Mo. Rev. Stat. §513.430), disability or illness benefits (Mo. Rev. Stat. §513.430), stipulated insurance premiums (Mo. Rev. Stat. §377.330), unmatured life insurance policy (Mo. Rev. Stat. §513.430) and assessment plan or life insurance proceeds (Mo. Rev. Stat. §377.090)
4. Motor Vehicle: Partial equity in motor vehicles (Mo. Rev. Stat. §513.430)
5. Personal Property: Partial value of furniture, clothing, books, appliances, animals, and instruments (Mo. Rev. Stat. §513.430), partial value in a wedding ring and other jewelry (Mo. Rev. Stat. §513.430) and health savings accounts (Mo. Rev. Stat. §513.040 )
6. Life Insurance Benefits: Including, but not limited to, teachers’ retirement benefits (Mo. Rev. Stat. §169.090), ERISA-qualified benefits necessary for support (Mo. Rev. Stat. §513.430), firefighters’ retirement benefits (Mo. Rev. Stat. §§87.090, 87.365, 87.485), police department employees’ retirement benefits (Mo. Rev. Stat. §§87.190, 87.353, 86.1430) and public officers and employees’ retirement benefits (Mo. Rev. Stat. §§70.695, 70.755)
7. Public Benefits: Including, but not limited to, veterans’ benefits (Mo. Rev. Stat. §513.430), workers’ compensation (Mo. Rev. Stat. §287.260), unemployment compensation (Mo. Rev. Stat. §§288,380, 513.430), Social Security benefits, (Mo. Rev. Stat. §513.430) and public assistance, including earned income tax credit but not child tax credit (Mo. Rev. Stat. §513.430)
8. Tools of the Trade: Partial value of tools, implements, and books of your trade or business (Mo. Rev. Stat. §513.430)
9. Wildcard: Up to $1,200 in value of any property (Mo. Rev. Stat. §513.430)
Missouri’s exemption amounts are adjusted periodically. To ensure that you have the most recent figures, be sure to consult with your bankruptcy attorney.
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