Missouri, MO Bankruptcy Exemptions

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The Essential Missouri Bankruptcy Information Guide

Missouri Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Missouri Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Missouri Bankruptcy Exemptions

All law references are to Missouri Bankruptcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property up to $15,000, or mobile home up to $5,000. Tenancies by the entirety are exempt without limit as to debts of one spouse [In re Anderson, 12 B.R. 483 (WD. Mo. 1981)].	513.430 & 513.475
INSURANCE	Life insurance proceeds if policy owned by woman insuring her husband.	376.530 & 376.560
	Life insurance proceeds if policy owned by an unmarried woman and beneficiary is her father or brother.	376.550
	Assessment plan or life insurance proceeds.	377.090
	Stipulated insurance premiums.	377.330
	Disability, or illness benefits needed for support; unmatured life insurance policy; fraternal benefit society benefits up to $5,000 that were purchased more than 6 months before filing; life insurance interest, loan value or dividends that were purchased more than 6 months before filing for bankruptcy.	513.430
MISCELLANEOUS	Property of business partnership	358.250
MISCELLANEOUS	Alimony arid child support up to $750 per month.	513.430
PENSIONS	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	Public officers and employees.	70.695
	Employees of cities with more than 100,000 population.	71.207
	Police department employees.	86.190 & 86.365 & 86.1430
	Firefighters.	87.090 & 87.365 & 87.485
	Highway and transportation employees.	104.250
	State employees.	104.540
	Teachers.	169.090
	IRAs, Roth IRAs, ERISA-qualified benefits and other retirement needed for support.	513.430
PERSONAL PROPERTY	Burial grounds up to $100 or 1 acre.	214.190
	Motor vehicle up to $3,000; clothing, household goods, appliances, furnishings, books, animals, musical instruments and crops up to $3,000 total; health aids; jewelry up to $500 (wedding ring up to $1,500); wrongful death recoveries for a person you depended upon.	513.430
	Any property up to $1,250 plus $350 per child for head of family; up to $600 for others.	513.430 & 513.440
	Other - Personal injury causes of action. Refer to as: "In re Mitchell, 73 B.R. 93".
PUBLIC BENEFITS	Workers' compensation.	287.260
	Unemployment compensation.	288.380 & 513.430
	Social Security, veterans' benefits, and public assistance.	513.430
	Crime victims' compensation.	595.025
TOOLS OF TRADE	Tools, books, and implements to $3,000.	513.430
WAGES	Wages of a servant or common laborer up to $90.	513.470
WAGES	The greater of the following: 30 times the federal minimum hourly wage or 75% minimum of weekly earnings (90% for head of household). Judge may approve more for low income debtor.	525.030

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