Interestingly, Chapter 7 bankruptcy allows you to keep your home, car, and other important property during and after the bankruptcy process. Chapter 7 bankruptcy offers efficient debt relief. Missouri law determines which properties and assets you may keep and recognizes them as exempt property. With the help of a skilled bankruptcy attorney, you may be able to discover what are the Chapter 7 exemptions.
If you are still searching for a Missouri bankruptcy lawyer, Jeppson Law Office is the one you’re looking for. Joseph Chaddick Jeppson is board certified in consumer bankruptcy, allowing him to gain substantial experience and a solid reputation in Missouri. With over a decade of experience practicing bankruptcy law, you can be confident that we have the skills required for your complex bankruptcy case. If you need prudent legal advice, schedule a free consultation now.
Why Do I Need a Missouri Bankruptcy Attorney?
Understanding bankruptcy exemptions necessitates extensive knowledge of the bankruptcy code and other relevant procedures. While there is no requirement in the United States Code for a debtor to have a bankruptcy attorney file a bankruptcy petition, it is highly recommended for everyone, especially if it is your first time.
Before hiring an attorney, consider the following good qualities:
- Notable Experience – Take note that you will work with your attorney for several months in Chapter 7 bankruptcy. Choose someone with sufficient experience and expertise in filing bankruptcy. You must consider the number of years of experience and the type of experience your attorney has.
- Solid Reputation – If you believe your case is complicated, you must select a bankruptcy law firm with a solid reputation and widely recognized as the best in the state. Hire an attorney possessing rare qualifications that not every Missouri bankruptcy attorney has.
- Approachable – A positive attorney-client relationship with your lawyer is beneficial. Every debtor deserves an approachable attorney who understands their financial situation. While it’s normal to be concerned about your situation, some attorneys believe you deserve a second chance and a fresh start.
At Jeppson Law Office, our philosophy is that everyone deserves a second chance and a fresh start. For over a decade, we’ve been helping individuals file for Chapter 7 and Chapter 13 bankruptcy. We ensure that you, as the debtor, will not overlook any specific details of your bankruptcy case and that you are guided throughout the entire bankruptcy process. If you are confused about Missouri bankruptcy exemptions, book an initial consultation with us today.
What are Exemptions in Chapter 7 Bankruptcy in Missouri?
Like any other state, Missouri has established bankruptcy exemptions that allow debtors to keep some property when they file for Chapter 7 bankruptcy, such as a car, retirement account, or home. Below are the most commonly used Missouri bankruptcy exemptions.
It is common for every Missouri resident to be worried about their future or current home. Are you one of them? You can exempt your current or future home up to $15,000 in equity under the Missouri homestead exemption. If you are living in or planning to live in a mobile home, you can exempt a maximum of $5,000 of equity as long as the mobile home is not connected or attached to another property of yours.
However, to be eligible for this exemption, you must have lived in Missouri for at least two years before filing for bankruptcy. In the case of married couples, the Missouri homestead exemption can be doubled.
Vehicle exemptions are available in Missouri if you want to keep your car. You can keep your vehicle from being repossessed if you finance it. You can exempt up to $3,000 in vehicle equity. If married couples own a car together, they can double their exemption if they file bankruptcy jointly, just like homestead exemptions.
Personal Property Exemptions
If you are also concerned with your furniture and clothes, you may use the personal property exemption. Under this exemption, you may protect clothes, books, furniture, musical instruments, animals, and many more. You may legally exempt up to $3,000 of personal property. For married couples, the amount is $6,000.
Other types of personal property that may be exempt:
- Tools of the trade – If you work in a profession with tools for the job, you may want to exempt them. You can exempt up to $3,000 for tools, books, or implements used in your trade or business.
- Burial grounds – If you possess a burial ground or plot, you may be exempt up to $100 or one acres.
- Jewelry – Most likely, many debtors own jewelry with sentimental or monetary value. If you are concerned about this, you can exempt an engagement or wedding ring worth up to $1,500. Other jewelry may be exempted up to $500.
- Firearms – If you own a gun, you may exempt firearms up to $1,500.
Wildcard exemption is also available to Missouri residents. This exemption allows debtors to exempt any additional property worth up to $600. If you are the head of the household, you may deduct an additional $1,250. If the head of the family has children who are under the age of 21 or have a disability, they may be exempt an additional $350.
Retirement, Benefits, and Support
Do you want to keep your social security or insurance benefits? Are you worried whether these can be taken from you to discharge your debts? In Missouri Chapter 7 bankruptcy, you may be exempt from the following:
- Domestic support – You may exempt a maximum of $750 per month in alimony or child support.
- Insurance benefits – If your policy was in force six months before you filed for bankruptcy, you can exempt up to $150,000 in cash in life insurance.
- Health savings account – You may exempt the entire amount from your health savings accounts.
- Retirement account – Your individual retirement accounts (IRA), Roth IRA 401k, and other state retirement accounts can be exempted entirely.
- Public benefits – Public benefits such as veterans’ benefits, SSDI, or SSI may also be exempted fully. Unemployment and workers’ compensation may also be fully exempt.
Call our Missouri Bankruptcy Attorney Now!
You’re probably wondering if Chapter 7 bankruptcy is the best debt relief option for you right now. The list of properties covered in Chapter 7 exemptions in Gladstone, MO, is a critical factor to consider. Because bankruptcy is such a broad concept, you should consult a competent bankruptcy attorney.
Jeppson Law Office is a seasoned bankruptcy firm in Missouri you can rely on. With more than a decade of experience assisting debtors to resolve their financial difficulties, you can guarantee high-quality legal assistance. Attorney Joseph Chaddick Jeppson is a board-certified bankruptcy lawyer who can handle your complicated bankruptcy case capably.
Other than bankruptcy exemptions, we can also help you with the bankruptcy means test, meeting creditors, emergency bankruptcy, rebuilding credit after bankruptcy, stopping foreclosure, stopping garnishment, stopping repossession, and the automatic stay. Call us for an initial consultation now!