MISSOURI BANKRUPTCY LAW

Missouri Bankruptcy: Attorneys, Statistics, Exemptions and Courts.

Missouri Bankruptcy Statistics: In 2009, over 31,303 bankruptcies were filed in the state of Missouri. Personal Bankruptcies accounted for a majority of the filings or 30,470 bankruptcies.

Missouri State Bankruptcy Exemptions:

Homestead

In Missouri, the exemption amount various based on whether the home is real property (house or apartment) or personal property (mobile home). If the debtor’s home is real property the exemption is limited to $15,000 for single or joint owners. If the debtor’s home is personal property, the exemption is limited to $5,000 for single or joint owners.

Personal Property

Damages recovered for wrongful death of a person on whom the debtor financially relied and professionally prescribed health aids are entirely exempt.

The following exemptions are subject to limitations:

1. Burial plots are exempt up to $100 and one acre
2. Household goods are exempt up to $3,000
3. Wedding rings are exempt up to $15,000 – other jewelry is exempt up to $500.
4. Motor Vehicles are exempt up to $3,000

Insurance

The following insurance benefits are exempt when filing bankruptcy in Missouri.

1. Life insurance
   • The proceeds are exempt, if the policy is owned by a woman and insures her husband or if the policy is owned by an unmarried woman and insures her father or brother
   • Un-matured or unvested life insurance contract is exempt if policy owned by the debtor and stipulated life insurance premiums
   • Dividends, loan value or interest are exempt up to $150,000, if the policy was purchased over six months before filing bankruptcy
   • Benefits from fraternal benefits society are exempt up to $5,000 when the policy was purchased over six months before filing bankruptcy.
2. Disability or illness benefits

Pensions

Federal pension exemptions apply when filing bankruptcy in Missouri.

IRAs, Roth IRAs and ERISA-qualified pensions are exempt to the extent they are necessary for support.

Employee benefits trusts with a valid provision prohibiting payment of proceeds to beneficiaries’ creditors are entirely exempt.

The following individuals’ pensions are entirely exempt:

1. Employees who work in cities with 100,000 or more people
2. Public officers and employees
3. Police department employees
4. Firefighters
5. Employees of highway and transportation departments
6. State employees
7. Teachers

Public Benefits

In a Missouri bankruptcy, the following public benefits are entirely exempt:

1. Workers compensation
2. Unemployment compensation
3. Public assistance
4. Social Security
5. Veteran's benefits
6. Crime victim's compensation

Miscellaneous

If the debtor is a partner in a business, the property of the business is entirely exempt in bankruptcy.

Child support and alimony payments are exempt at $750 per month.

Tools of the trade

Implements and books are exempt for up to $3,000, when filing bankruptcy in Missouri.

Wages

Wages are exempt with the following limitations:

1. Wages of a common laborer or servant are exempt for up to $90
2. The head of the household may exempt either 90% of his or her weekly earnings or 30 times above the federal minimum wage
3. Everyone else may exempt either 75% of their weekly earnings or 30 times above the federal minimum wage
4. A judge has discretion to allow a larger exemption for low income debtors in regards to (2) & (3).

Wildcard

The head of the household may exempt an additional $1,250 and up to an additional $350 per minor child or dependent.

Everyone else may exempt an addition $600.

Federal Bankruptcy Exemptions: No

Missouri Bankruptcy Courts:

United States Bankruptcy Court in the Eastern District of Missouri has jurisdiction in the following counties: Adair, Audrain, Bollinger, Butler, Cape Girardeau, Carter, Chariton, City of St. Louis, Clark, Crawford, Dent, Dunklin, Franklin, Gasconade, Iron, Jefferson, Knox, Lewis, Lincoln, Linn, Macon, Madison, Maries, Marion, Mississippi, Monroe, Montgomery, New Madrid, Pemiscot, Perry, Phelps, Pike, Ralls, Randolph, Reynolds, Ripley, Saint Charles, Saint Francois, Saint Genevieve, Schuyler, Scotland, Scott, Shannon, Shelby, Stoddard, St. Louis, Warren, Washington, Wayne.

United States Bankruptcy Court in the Western District of Missouri has jurisdiction in the following counties: Andrew, Atchison, Barry, Barton, Bates, Benton, Boone, Buchanan, Callaway, Camden, Carroll, Cass, Cedar, Chirstian, Clay, Clinton, Cole, Cooper, Dade, Dallas, DeKalb, Douglas, Gentry, Green, Grundy, Harrison, Henry, Hickory, Holt, Howard, Howell, Jackson, Jasper, Johnson, Laciede, Lafayette, Lawrence, Livingston, McDonald, Mercer, Miller, Moniteau, Morgan, Newton, Nodaway, Oregon, Osage, Ozark, Pettis, Platte, Polk, Pulaski, Putnam, Ray, Saint Clair, Saline, Stone, Sullivan, Taney, Texas, Vernon, Webster, Worth, Wright Andrew, Atchison, Barry, Barton, Bates, Benton, Boone, Buchanan, Callaway, Camden, Carroll, Cass, Cedar, Chirstian, Clay, Clinton, Cole, Cooper, Dade, Dallas, DeKalb, Douglas, Gentry, Green, Grundy, Harrison, Henry, Hickory, Holt, Howard, Howell, Jackson, Jasper, Johnson, Laciede, Lafayette, Lawrence, Livingston, McDonald, Mercer, Miller, Moniteau, Morgan, Newton, Nodaway, Oregon, Osage, Ozark, Pettis, Platte, Polk, Pulaski, Putnam, Ray, Saint Clair, Saline, Stone, Sullivan, Taney, Texas, Vernon, Webster, Worth, Wright.