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Exempt Property in Missouri Bankruptcy
(816) 628-4900
Attorney at Law
Richard J. Herndon
Kansas City Northland Bankruptcy Lawyer
The Law Offices of Richard J. Herndon
455 Sam Barr Drive - Suite 207
P. O. Box 617
Kearney, Missouri 64060
816-628-4900
800-494-2218
Rick@MoBankruptcy.info
455 Sam Barr Drive - Suite 207
P. O. Box 617
Kearney, Missouri 64060
816-628-4900
800-494-2218
Rick@MoBankruptcy.info
Copyright © 2010 by Richard J. Herndon, Attorney at Law - all rights reserved
THE CHOICE OF A LAWYER IS AN IMPORTANT DECISION AND SHOULD NOT BE
BASED SOLELY UPON ADVERTISEMENTS
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE
We serve clients from throughout the Kansas City, Missouri Metropolitan area. This includes Kearney,
Liberty, Excelsior Springs, Gladstone, Smithville, Platte City, Holt, Lathrop, Lawson, and Plattsburg, and
also St. Joseph, and within the counties of Clay, Platte, Clinton, Jackson, Ray and many others.
Exempt Property is that which cannot be taken in the
Bankruptcy from the owners (debtors) and distributed to
creditors. Federal Bankruptcy Law allows each state to
choose whether to use a standard set of exemptions, or to
apply its own. Missouri has chosen to use its own set of
exemptions.
The more common exemptions are listed below, but this list is not complete and comprehensive. There are also many "special" rules and limitations. Don't rely on this listing as being absolute -- contact us for more information
It is also important to note that non-exempt property is often "abandoned" by the Bankruptcy Trustee if it is "burdensome", or difficult to administer or sell.
Let us know if you have questions, or would like a comprehensive list.
The more common exemptions are listed below, but this list is not complete and comprehensive. There are also many "special" rules and limitations. Don't rely on this listing as being absolute -- contact us for more information
It is also important to note that non-exempt property is often "abandoned" by the Bankruptcy Trustee if it is "burdensome", or difficult to administer or sell.
Let us know if you have questions, or would like a comprehensive list.
Homestead (your residence -equity)
Automobiles (equity)
Personal Effects, clothing, etc.
Family Jewelry
Tools of the Trade
Most Retirement Plans
Other Property (Wild Card)
Automobiles (equity)
Personal Effects, clothing, etc.
Family Jewelry
Tools of the Trade
Most Retirement Plans
Other Property (Wild Card)
$15,000
$ 3,000
$ 3,000
$ 500
$ 3,000
100%*
$ 600
$ 3,000
$ 3,000
$ 500
$ 3,000
100%*
$ 600
Please note: The amounts above apply to each spouse in a "joint"
bankruptcy, with the exception of the Homestead exemption. In other
words, $6,000 of Personal Effects will be exempt. Please also note that
the amounts are "market value", or the amount that the items can be
sold for, not original cost or replacement value.
*Retirement Plans are not automatically exempt, and there are
exceptions. but as a practical matter a large majority of them are
exempt