Bankruptcy Tutor
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
The homestead of every person, consisting of a dwelling house and appurtenances, and the land used in connection therewith, not exceeding the value of $15,000.00, is generally exempt from attachment and execution. This homestead exemption
shall not be allowed for more than one owner if one owner claims the entire amount allowed but, if more than one owner claims an exemption of the same property, the exemption allowed to each of such owners shall not exceed, in the aggregate, the total exemption allowed as to any one homestead. (Section 513.475.)
Personal property of a debtor which are exempt from attachment and execution may include:
household furnishings, household goods, wearing apparel, appliances, books, animals, crops or musical instruments that are held primarily the use of the debtor and his dependent not to exceed $1,000 in value in aggregate;
jewelry not to exceed $500.00 in value in aggregate;
burial plots, $100;
any other property of any kind, not to exceed in value $400 in the aggregate;
any implements, professional books or tools of the trade not to
exceed $2,000.00 in value in the aggregate;
any motor vehicle, not to exceed $1,000.00 in value;
any mobile home used as the principal residence, not to exceed $1,000.00 in value;
any one or more unmatured life insurance contracts shall not exceed in value $5,000.00 in the aggregate;not to be exempt from claim for child support;
professional heath aids for the debtor or his dependent;
social security benefit,
unemployment compensation or a local public assistance benefit;
veteran's benefit; disability, illness or unemployment benefit; and
alimony, support or separate maintenance, not to exceed $500.00 a month.
payments made under certain pension or annuity plans and spendthrift trusts created for the benefit of employees may also be exempt. (Section 513.430.)
If the debtor is the head of a family, he may select and hold, exempt from execution, any other property, real, personal or mixed, or debts and wages, not exceeding in value the amount of $850.00 plus $250.00 for each of such person's unmarried dependent children under the age of eighteen years, except 10% of any debt, income, salary or wages due such head of a family. (Section 513.440.)
In a bankruptcy proceeding, a debtor who is a resident of the State of Missouri, is permitted to exempt from property of the estate any property that is exempt from attachment and execution under the law of the state of Missouri or under federal law, other than Title 11, United States Code, Section 522(d), and no such person is authorized to claim as exempt the property that is specified under Title 11, United States Code, Section 522(d). (Section 513.427.)
The homestead of every person, consisting of a dwelling house and appurtenances, and the land used in connection therewith, not exceeding the value of $15,000.00, is generally exempt from attachment and execution. This homestead exemption
shall not be allowed for more than one owner if one owner claims the entire amount allowed but, if more than one owner claims an exemption of the same property, the exemption allowed to each of such owners shall not exceed, in the aggregate, the total exemption allowed as to any one homestead. (Section 513.475.)
Personal property of a debtor which are exempt from attachment and execution may include:
household furnishings, household goods, wearing apparel, appliances, books, animals, crops or musical instruments that are held primarily the use of the debtor and his dependent not to exceed $1,000 in value in aggregate;
jewelry not to exceed $500.00 in value in aggregate;
burial plots, $100;
any other property of any kind, not to exceed in value $400 in the aggregate;
any implements, professional books or tools of the trade not to
exceed $2,000.00 in value in the aggregate;
any motor vehicle, not to exceed $1,000.00 in value;
any mobile home used as the principal residence, not to exceed $1,000.00 in value;
any one or more unmatured life insurance contracts shall not exceed in value $5,000.00 in the aggregate;not to be exempt from claim for child support;
professional heath aids for the debtor or his dependent;
social security benefit,
unemployment compensation or a local public assistance benefit;
veteran's benefit; disability, illness or unemployment benefit; and
alimony, support or separate maintenance, not to exceed $500.00 a month.
payments made under certain pension or annuity plans and spendthrift trusts created for the benefit of employees may also be exempt. (Section 513.430.)
If the debtor is the head of a family, he may select and hold, exempt from execution, any other property, real, personal or mixed, or debts and wages, not exceeding in value the amount of $850.00 plus $250.00 for each of such person's unmarried dependent children under the age of eighteen years, except 10% of any debt, income, salary or wages due such head of a family. (Section 513.440.)
In a bankruptcy proceeding, a debtor who is a resident of the State of Missouri, is permitted to exempt from property of the estate any property that is exempt from attachment and execution under the law of the state of Missouri or under federal law, other than Title 11, United States Code, Section 522(d), and no such person is authorized to claim as exempt the property that is specified under Title 11, United States Code, Section 522(d). (Section 513.427.)
www.BankruptcyForum.com
Comment