Missouri Bankruptcy Laws

Missouri bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Missouri bankruptcy district courts are located in eight places under the two group regions – Missouri Western District Court and Missouri Eastern District Court.

Properties Exemptions Under The Missouri Bankruptcy Laws

As per the Missouri bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Missouri bankruptcy district courts.

•Homestead Exemptions include all types of real or mobile properties. However, the maximum amount exemptible for real properties are eight thousand dollars while for the mobile properties it is one thousand dollars. You should also note that even if you are a married couple and filing bankruptcy jointly, the amount for homestead exemptions will be the same.
•Insurance Exemptions include Assessment or insurance premium proceeds, Disability or illness benefits, Unmatured life insurance policy and various other specific Life insurance proceeds.
•The Missouri bankruptcy laws have also included child support under the miscellaneous exemptions, but only up to the amount of five hundred dollars on a monthly basis.
•Pension funds are exempted under the Missouri bankruptcy laws, but only following individuals are eligible for such exemptions.
◦State employees
◦Police Department employees
◦Highway & transportation employees
•The Missouri bankruptcy laws also allow employees of cities with 100,000 or more population to exempt the pension funds and benefits.
•Exemptible amount of jewelry is five hundred dollars
•You are also to exempt motor vehicles up to one thousand dollars.
•Burial grounds have also been made exemptible under the Missouri bankruptcy laws, but only up to 100 dollars in value or one acre in area.
•If you are head of the family, the maximum amount for Wild Card exemptions for you will be 1250 dollars; otherwise, it is four hundred dollars.