The Missouri bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Missouri. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Missouri you may also use certain federal exemptions in addition to your Missouri exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property to $8000 or mobile home to $1000 (joint owners may not double) Property held as tenancy for the entirety may be exempt against debts owed by only one spouse | 513.430(6), 513.475 In re Anderson, 12 B.R. 483 (W.D. Mo. 1981) |
Insurance | Assessment or insurance premium proceeds Disability or illness benefits Fraternal benefit society benefits to $5000, bought over 6 months before filing Life insurance dividends, loan value or interest to $5000, bought over 6 months before filing Life insurance proceeds if policy owned by woman & insures her husband Life insurance proceeds if policy owned by unmarried woman and insures her father or brother Stipulated insurance premiums Unmatured life insurance policy | 377.090 513.430(10)(c) 513.430(8) 513.430(8) 376.530 376.550 377.330 513.430(7) |
Miscellaneous | Alimony, child support to $500 per month Property of business partnership | 513.430(10(d) 358.250 |
Pensions | Employees of cities with 100,000 or more people ERISA-qualified benefits needed for support (only payments being received) Firefighters Highway & transportation employees Police Department employees State employees Teachers | 71.207 513.430(10)(e) 87.090, 87.365, 87.485 104.250 86.190, 86.353, 86.493, 86.780 104.540 169.090 |
Personal Property | Appliances, household goods, furnishings, clothing, books, crops, animals & musical instruments to $1,000 Burial grounds to 1 acre or $100 Health aids Jewelry to $500 Motor vehicle to $1000 Personal injury causes of action Wrongful death recoveries for person debtor depended on | 513.430(1) 214.190 513.430(9) 513.430(2) 513.430(5) In re Mitchell, 73 B.R. 93 (E.D. Mo. 1987) 513.430(11) |
Public benefits | AFDC Social security Unemployment compensation Veterans’ benefits Workers’ compensation | 513.430(10(a) 513.430(10)(a) 288.380(10(l), 53.430(10)(c) 513.430(10(b) 287.260 |
Tools of Trade | Implements, books & tools of trade to $2000 | 513.430(4) |
Wages | Minimum 75% of earned but unpaid wages (90% for head of family); bankruptcy judge may authorize more for low-income debtors Wages of servant or common laborer to $90 | 525.030 513.470 |
WILD CARD | $1250 of any property if head of family, else $400; head of family may claim an additional $250 per child | 513.430(3), 513.440 |
For more information on filing bankruptcy in Missouri explore Missouri Bankruptcy Law.
