The Law Office of Kurt H King

January 10, 2011

Bankruptcy–Chapter 7 Exemptions in Missouri

Filed under: Bankruptcy — kurthking @ 5:27 pm
Tags: ,

Missouri law sets out several kinds and amounts of property that debtors keep free from creditors in a Chapter 7 bankruptcy case. Some of the usual ones are summarized below. Note that there are many others under Missouri law which are NOT listed below so check your particular case with a lawyer.

Missouri statute 513.430: Household furnishings and goods, clothing, books, animals, etc., for personal, family, or household use—$3,000 per each debtor
Wedding ring—$1,500 each debtor
Other jewelry—$500 each debtor
Wildcard to apply to any property—$600 each debtor
Implements/tools/ professional books of the trade of debtor or dependent—$3,000 each applicable debtor
Any motor vehicle “in the aggregate”—$3,000 each debtor
Any one or more unmatured life insurance policy/contracts
Professionally prescribed health aids (glasses, hearing aids, wheel chair, etc.–no dollar limit)
Rights to receive Social Security, unemployment, LOCAL public assistance benefit (does not now cover Earned Income Credit tax refund)
disability, veteran’s benefit (but this does NOT protect one the benefit is paid to you, for example if it is in your checking account)
Right to receive alimony/maintenance or child support up to $750 per month
Certain qualified retirement plan assets (401k, IRA’s, pensions, possibly others)
Certain wrongful death benefits
And certain other exemption property

Missouri Statute 513.440 The head of the household gets to apply an exemption to any property—$1,250, plus $350 per unmarried, dependent child under age 18

Missouri Statue 513.475 One homestead exemption of up to $15,000 of equity in the debtor(s)’ home

These are some common exemptions that help folks keep a few basic assets even though they file Chapter 7 bankruptcy in Missouri. Remember that there are many other exemptions which could also apply in some cases.

Kurt H. King
Law Office of Kurt H. King
816.781.6000
20 E. Franklin
Liberty, Clay County, Missouri 64068
http://www.kurthking.com

Bankruptcy, Child Custody and Support, Divorce and Modification, Family Law
Personal Injury, Workers’ Compensation

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