{"id":286859,"date":"2021-04-14T13:40:47","date_gmt":"2021-04-14T18:40:47","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/bankruptcy-laws-by-state\/missouri-bankruptcy-exemptions-and-law.html"},"modified":"2021-04-14T15:03:54","modified_gmt":"2021-04-14T20:03:54","slug":"missouri-bankruptcy-exemptions-and-law","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/bankruptcy-laws-by-state\/missouri-bankruptcy-exemptions-and-law.html","title":{"rendered":"Missouri Bankruptcy Exemptions and Law"},"content":{"rendered":"\n
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Missouri Bankruptcy Exemptions and Law<\/h1>\n
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\n By Bret Thurman, J.D.<\/a> | Legally reviewed by Bridget Molitor, JD<\/a>\n | Last updated\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

<\/a>Should You File Bankruptcy in Missouri?<\/span>
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Banks and credit card companies reinforce the myth that reckless overspending fuels bankruptcy filings. The statistics say otherwise. Two-thirds of consumers<\/a> file bankruptcy because of high medical bills. So, if you are dealing with financial distress, you probably had little or no control over the circumstances which caused it.<\/p>\r\n

Consumer bankruptcy helps people like you regain control over their own finances. Moneylenders are used to dictating repayment terms without considering things like your ability to pay. Bankruptcy includes an income-based repayment plan for those who need it. Bankruptcy also gives you the power to decide what obligations you will pay.<\/p>\r\n

Bankruptcy has significant benefits, but the process is rather complex. Many hidden financial benefits and property exemptions are available. Only an experienced Missouri bankruptcy lawyer<\/a> helps your family take full advantage of these concealed benefits. So, if you do not work with the best available attorney, you are missing out on some things which could make a huge difference to your way of life.<\/p>\r\n

Missouri Bankruptcy Law<\/h2>\r\n

The federal Bankruptcy Code<\/a> controls most bankruptcy procedures. This federal law puts debtors first and gives them a fresh financial start when they need it most. Missouri law is also quite debtor-friendly. Many of the first lawmakers in the Show Me State were fleeing oppressive debt by moving west. Back then, that was the only escape possible. Missouri’s property exemptions<\/a>, which are discussed below, are a good example.<\/p>\r\n

Bankruptcy Basics<\/h3>\r\n

Medical debt is perhaps the most oppressive kind of consumer debt. Given the escalating level of medical bill inflation<\/a>, these bills are often higher than anyone can pay.<\/p>\r\n

Until recently, relief was available through several channels. But the Consumer Financial Protection Bureau recently scaled back some important consumer protections. So, bankruptcy’s automatic stay<\/a> might be your one remaining ally. And a powerful ally it is. As soon as debtors file their voluntary petitions, Section 362 of the Bankruptcy Code immediately halts adverse creditor actions like:<\/p>\r\n