When an individual or couple files for bankruptcy in Missouri, the debtors can exempt or protect property from creditors. Examples of the types of exemptions available for bankruptcies in Missouri are listed below. Additionally, there is a set of federal exemptions that may be used. We encourage anyone considering his or her bankruptcy options to contact an experienced bankruptcy lawyer. In situations where nonexempt equity exists, the court bankruptcy often requires the debtor to pay the trustee the value of nonexempt property in order to keep it. Homestead – Real property up to $15,000 or $5,000 for mobile homes. RSMo 513.430(6), 513.475. Motor Vehicle – Motor Vehicle up to $3,000. In re Mitchell, 73 B.R. 93. Jewelry & Wedding Rings – Jewelry up to $500, Wedding Rings up to $1,500. RSMo 513.430(5) Household Goods/Furnishings – Appliances, household goods, furnishings, clothing, books, crops, animals, musical instruments, computers, etc. up to $3,000….
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Bankruptcy is the a legal procedure designed to protect a business or individual that cannot meet its financial obligations, as well as, protect creditors by ensuring each creditor is treated the same based on the type of debt they are owed. The process requires a debtor to prepare schedules listing all assets, debts, unexpired leases, executory contracts, and other types of liabilities. Bankruptcies are governed by Title 11 of the U.S. Code, also known as the Bankruptcy Code, and are adjudicated by a system of Bankruptcy Courts. The Bankruptcy Courts are a part of the Federal Court System. These Bankruptcy Courts were created by Congress specifically to hear bankruptcy cases and controversies. The debtor begins the process by filing a bankruptcy petition with the Clerk of the Bankruptcy Court in the Federal District where the debtor has lived or has had a principal place of business. The bankruptcy petition is…
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When an individual or couple files a Chapter 7 bankruptcy petition, they must file a schedule listing out all of their assets such as cars, home, jewelry, investments, furniture, bank accounts, etc. Additionally, a schedule listing all debts, including bills like back taxes or student loans, car leases, mobile phone contracts, or any other amount of money they owe someone. In Chapter 7 bankruptcy, a Trustee is appointed by the bankruptcy court to liquidate assets in excess of what a debtor can protect, for the benefit of a debtor’s creditors. However, state and federal law provides “exemptions” allowing debtor’s to protect specific types of assets up to a certain amount. Let’s look at an example to better understand the idea of exemptions. These exemptions can and do vary greatly in the amount exempt from creditors depending on which state you live in. For example, in Kansas, state law provides that…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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