Exemptions in a St. Louis Bankruptcy to Keep Your Property Safe
When someone files a Missouri bankruptcy, it is necessary to disclose to the court a list of all your assets (whether it is real property or personal property). Once this list is compiled, a number of exemptions can be applied to them so as to reduce or eliminate any equity there might be in the asset.
For example, a Missouri resident is given a $3,000 exemption in household goods. If the garage sale value of your household goods (pots, pans, furniture, appliances, etc.) is $3,000 or less (and it almost always is), then the state of Missouri will exempt those personal items (i.e. not make an attempt to liquidate the personal property). Once the property is claimed as exempt by your St. Louis bankruptcy lawyer, the Trustee cannot get his/her hands on any of it. This means you retain possession and ownership.
If you own a piece of real estate, the state of Missouri allows you to exempt up to $15,000 of any equity that may exist in the property. Or if you have an automobile (and you file individually), you are given a $3,000 exemption to cover any equity there is in that asset.
Other exemptions exist which are used to cover the value of certain other property as well. Things such as pension or retirement accounts are generally fully exempt, while things like bank accounts are only partially exempt. Regardless of the type of property in question, the St. Louis bankruptcy attorneys at The Bankruptcy Company have the experience and knowledge to apply the correct exemption. In the end, the goal is to either completely exempt the property, or reduce the amount of equity to a nominal amount by way of whatever exemptions are available. Our staff is prepared to handle this matter appropriately, and will do so with care and professionalism.