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Wage Exemption. Missouri bankruptcy laws allow you to exempt up to 75% of your weekly earned unpaid wages. There is an exception that may allow you to exempt more. If 75% of your weekly wages amount to less than 30 times the accepted minimum wage set by US guidelines, you will be able to exempt up to 30 times the accepted minimum wage.
Aug 29, 2023 · You can file for bankruptcy in Missouri after living there for over 180 days. However, you must live in Missouri for at least 730 days before using Missouri exemptions. Otherwise, you'd use the previous state's exemptions. Suppose you hadn't lived in one state the entire two years before filing.
Nov 6, 2021 · Consumers filing bankruptcy in Missouri are allowed to use the wildcard exemption under 513.430.1(3) & 513.440 to exempt any kind of property up to $600. If the filer is the head of a family, they are entitled to an exemption in the amount of $1,250.
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Aug 26, 2023 · If you lived in multiple states during the two years before filing for bankruptcy, you'd use the exemptions of the state you lived in for most of the 180 days before the two years immediately preceding your filing. (11 U.S.C. § 522(b)(3)(A).) Learn more about filing for bankruptcy after moving to a new state.
Apr 14, 2021 · The 2005 reforms to the Bankruptcy Code added the financial management class requirements. These reforms also added the means test requirement to Chapter 7 bankruptcies. These filers must have below-average incomes. This amount was $89,418 per year for a Missouri family of four as of late 2020.
513.470. WILD CARD. $1250 of any property if head of family, else $400; head of family may claim an additional $250 per child. 513.430 (3), 513.440. For more information on filing bankruptcy in Missouri explore Missouri Bankruptcy Law. Missouri bankruptcy exemptions. Find out the property you can keep after filing bankruptcy in Missouri.
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Jun 8, 2023 · Bankruptcy exemptions allowed under Missouri law include but are not limited to: Homestead exemption: $15,000 of equity in your primary residence or up to $5,000 of equity in a mobile home used as a principal residence. Motor vehicle exemption: Up to $3,000 in value. Personal property exemption: Not to exceed $3,000 in value.