Springfield Bankruptcy Lawyer
Are you interested in exploring your bankruptcy options but worried about losing your personal possessions—such as your home or your car—in the process? At the Bankruptcy Law Clinic, we can help you understand Missouri’s laws on what you can and cannot keep during bankruptcy proceedings.
Would you like to speak with an attorney regarding bankruptcy? Call the Bankruptcy Law Clinic at (417) 8NO-DEBT to schedule an initial consultation.
About Missouri Exemptions
When you file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy, certain types of property and assets will be partially or fully exempt from bankruptcy proceedings. Our attorney can help you file for bankruptcy and help you keep some of your property. In a Chapter 7 bankruptcy, a trustee will assume control of any property that is not exempt. That property is sold, and the proceeds are used to pay the creditors. The Bankruptcy Clinic can answer your questions about exemptions, which can include the following:
- Homestead exemption: $15,000
- Wedding ring: $1,500
- Mobile home exemption: $5,000
- Motor vehicle: $3,000 per debtor
- Household goods and furnishings: $3000 per debtor
- Unemployment compensation benefits
- Tools of the trade: $3,000 per debtor
- Workers’ Compensation
- Qualified retirement plans
- Social Security benefits
The above is not an all-inclusive list, and there are many more exempt items. With help from the Bankruptcy Clinic, it is entirely possible to save your home from foreclosure and avoid car repossession. The Missouri exemptions apply if you have lived in Missouri for the past 911 days. If you have lived somewhere else during this time, you may qualify for some other exemptions. Our experienced bankruptcy attorney will help you figure out which state or federal exemptions apply.
Contact us to arrange a initial consultation.