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Bankruptcy in Missouri

Who Can File Bankruptcy in Missouri?

Anyone who meets the following requirements can file for bankruptcy in the State of Missouri.

-Has lived in, worked in, or owned property in the State of Missouri for a minimum of 40 months prior to filing for bankruptcy.

-Has not filed bankruptcy in any American court over the last 6 years

-Is experiencing a legitimate problem paying their creditors

What Do I Need To Know Before Filing For Bankruptcy in Missouri?

There are a few things that you should know prior to filing for bankruptcy in Missouri.

  1. You are only allowed to file bankruptcy once every six years.  If you are anticipating a large debt in the near future, you may wish to wait to file bankruptcy
  2. Once you have filed bankruptcy, you creditors are no longer able to contact you in regards to your debts.
  3. All debts which you rack up after filing for bankruptcy can not be considered as part of your bankruptcy settlement.
  4. While everyone is entitled to file for bankruptcy, not everyone is entitled to file Chapter 7 bankruptcy.
  5. Not all debts can be discharged as part of a bankruptcy settlement

What Type of Debts Can Be Discharged As Part of a Bankruptcy Proceeding in Missouri?

All unsecured debts can be discharged as part of a bankruptcy proceeding in Missouri.  An unsecured debt is any debt which does not utilize collateral in order to secure the loan.  Debt which utilize collateral are considered secured debts and are not eligible to be considered for discharge.  If a debt is considered to be a joint debt due to the use of a co-applicant or co-signer, only the petitioners responsibility for that debt can be discharged as part of these proceedings.

Will I lose my house and car if I file for bankruptcy in Missouri?

The property exemption laws of the State of Missouri allow you to safeguard the following assets.

-Homestead exemption of up to $15,000

-Motor Vehicle exemption of up to $3,000

-Household items of up to $3,000

-A wedding ring of up to $1,500

-Other jewelry valued up to $500

-Up to $3,000 in tools or materials used in your trade or profession

-Up to $600 in other property of your choice

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