How to File for Missouri Bankruptcy

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Categories: Money | Personal Finance | Bankruptcy | How Tos

  • Missouri Bankruptcy can help you get a fresh financial start if your bills have become unmanageable. Although bankruptcy is a federal process, there are specific differences in how it's implemented from state to state. This page will show you how to file for Missouri bankruptcy.

  • Disclaimer

    The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

  • Introduction

    • Although bankruptcy procedures are governed by federal law and are basically the same in all states, the income levels you need to have to qualify for Chapter 7 bankruptcy are specific to Missouri. In addition, if you qualify for Chapter 7, how much of your assets you get to keep will also be governed by Missouri state law.

  • Step 1: What is Chapter 7 Bankruptcy?

    Chapter 7 bankruptcy is a form of individual bankruptcy in which most of your assets are sold off in order to pay your creditors, with the debt that can't paid off being forgiven. Certain property is exempt from liquidation;the exemptions vary by state. Chapter 7 erases most debts and affects credit history negatively. Chapter 7 is reserved for individuals and that cannot afford to pay any of their debts. If an individual has enough money to pay off some of their creditors, they may instead elect to file Chapter 13 , and have their remaining payments restructured.Nolo.com: Chapter 7 Bankruptcy

  • Step 2: Chapter 7 Missouri Means Test

    • You may qualify to elect Chapter 7 bankruptcy if your income is below the Census Bureau determined median income for similarly sized families in Missouri.
    1. Single individual: $39,563http://research.lawyers.com/Missouri/Bankruptcy-in-Missouri.html
    2. Two people: $51,612http://research.lawyers.com/Missouri/Bankruptcy-in-Missouri.html
    3. Three people: $58,473http://research.lawyers.com/Missouri/Bankruptcy-in-Missouri.html
    4. Four people: $70,363Lawyers.com: http://research.lawyers.com/Missouri/Bankruptcy-in-Missouri.html

  • Step 3: Missouri Bankruptcy Exempt Assets

    The following assets are exempt from bankruptcy liquidation:

    1. $15,000 of home equity, limited to $5,000 if the principal residence is a mobile home
    2. Your car, up to $3,000 in value
    3. $3,000 of appliances, household goods, furnishings, clothing, books, crops, animals, and musical instruments
    4. Wedding ring up to $1,500 in value and $500 in additional jewelry
    5. Wrongful death settlements for the person upon whom the debtor was dependent, personal injury settlements, and monetary damages
    6. Social security benefits, unemployment compensation, public assistance benefits,veterans' benefits, disability, illness, or unemployment benefit, an workers compensation
    7. $3,000 of tools of the trade
    8. Alimony or child support up to $750 per month
    9. ERISA-qualified pension benefits, firefighters pensions, highway and transportation employees pensions, police department employees pensions, state employees pensions, teachers pensions, local governmental employees pensions
    10. 75% of earned but unpaid wages, which can be adjusted upwards by the court
    11. Unmatured life insurance contract if policy owned by the debtor in bankruptcy
    12. Asset of your choice up to $600 in value
    13. Additiona; $1,250 for the head of household and $350 for each unmarried dependent under age 18 or disabled
    14. Professionally prescribed health aids
    15. Burial plot, limited to 1 acre or $100 in value

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