Missouri Bankruptcy Laws
The state of Missouri is divided into two bankruptcy districts: Missouri Eastern Bankruptcy Court and Missouri Western Bankruptcy Court. These courts serve the entire state of Missouri.
Missouri Bankruptcy Exemptions
According to the Lawyers.com website, the federal exemptions, which are available in some states, are not available in Missouri. The only choice is the state exemptions. Under Missouri bankruptcy law you may keep:
- Your homestead, which is your house and the land connected with it, up to $15,000
- Your motor vehicle, up to $3,000
- Appliances, household goods, furnishings, clothing, books, crops, animals, and musical instruments up to $3,000
- Jewelry, up to $500 in value; Wedding ring up to $1,500
- Wrongful death settlements for the person upon whom the debtor was dependent
- Personal injuries and monetary damages
- Social security benefit
- Unemployment compensation
- Local public assistance benefit
- Veterans' benefits
- Disability, illness, or unemployment benefit
- Workers compensation
- Implements, books and tools of your trade, up to $3,000
- Alimony or child support up to $750 per month
- ERISA-qualified pension benefits
- Firefighters pensions
- Highway and transportation employees pensions
- Police department employees pensions
- State employees pensions
- Teachers pensions
- Local governmental employees pensions
- Minimum of 75% of earned but unpaid wages; 90% for head of household
- Unmatured life insurance contract if policy owned by the debtor in bankruptcy, other than a credit life insurance contract
- Property that is held in tenancy by the entirety between a husband and a wife may be exempt against debts owed by only one spouse. This exemption is not available for tax liability.
- Any asset you choose up to $600
- $1,250 for the head of household and $350 for each unmarried dependent under age 18 or disabled
- Mobile home used as principal residence and not attached to real estate in which you have a fee interest, up to $5,000
- Professionally prescribed health aids
- Burial grounds to 1 acre or $100
Do I need to have an attorney?
According to the U.S. Courts for the Western District of Missouri, if you are an individual filing bankruptcy, you may represent yourself. This is called being Pro Se. "Pro Se" is a Latin term meaning "for yourself." As a pro se litigant, you enjoy every right entitled to you under the law. Pro se litigants are expected to follow and abide by the rules that govern the practice of law in the Federal Courts. The fact that an individual is filing without the benefit of legal counsel does not excuse him/her from knowing the United States Code. And, with the Louisiana chapter 7 bankruptcy laws and Louisiana chapter 13 bankruptcy laws being so complicated, going it alone is not recommended. One mistake could lead to some very unfortunate results, including having your bankruptcy case dismissed and even criminal charges. Business debtors must have an attorney in any proceeding involving presentation of evidence.
NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.
New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.
This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.
Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.
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