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Missouri Bankruptcy Exemptions
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, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can 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 assets. 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. |
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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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Homestead
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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
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513.430(6), 513.475
In re Anderson, 12 B.R. 483
(W.D. Mo. 1981)
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Insurance
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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
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377.090
513.430(10)(c)
513.430(8)
513.430(8)
376.530
376.550
377.330
513.430(7)
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Miscellaneous
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Alimony, child support to $500 per month
Property of business partnership
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513.430(10(d)
358.250
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Pensions
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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
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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
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Personal Property
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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
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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)
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Public benefits
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AFDC
Social security
Unemployment compensation
Veterans’ benefits
Workers’ compensation
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513.430(10(a)
513.430(10)(a)
288.380(10(l), 53.430(10)(c)
513.430(10(b)
287.260
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Tools of Trade
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Implements, books & tools of trade to $2000
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513.430(4)
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Wages
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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
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525.030
513.470
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WILD CARD
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$1250 of any property if head of family, else $400; head of family
may claim an additional $250 per child
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513.430(3), 513.440
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For more information on filing bankruptcy in Missouri explore Missouri Bankruptcy Law.
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