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Missouri Bankruptcy Laws

Bankruptcy is usually filled when one cannot meet the financial obligations from creditors within the ongoing payment plan. When one is unable to make the creditors, payments actions such as home foreclosing may be undertaken, but the state and federal governments try as much as possible to protect its citizens under bankruptcy laws .

 

Bankruptcy Exemptions:

Exemption in Missouri can be very friendly as long as one has lived in the area for over 2 years before applying for bankruptcy. The state can protect ones assets when one invokes the state assets exemption laws. When one has done this, one may retain their homes, motor vehicles, insurance, public benefits, pets and other miscellaneous assets but with a given limit agreed upon by the state courts.

When in Missouri, one is eligible for a bankruptcy petition if they have stayed n the region for over 180 days. Other guidelines such as passing the means test is important in securing the bankruptcy petition and in applying for the petition one should follow the procedures that are set by the state since it has jurisdiction in such matters.

 

Chapter 7 Bankruptcy Laws:

When it comes to chapter 7 bankruptcy laws , income of the debtor is mostly assessed when one applies for the bankruptcy petition and when the annual income is below the Missouri state median income then the case can be treated as chapter 7 cases as it is with most cases.

 

Chapter 13 Bankruptcy Laws:

Since the BAPACPA (Bankruptcy Abuse Prevention and Consumer Protection Act), the state of Missouri is more strict on the procedures of the debtors. One is required to complete a credit counseling program with an agency that is recognized federally before filing a bankruptcy petition and qualifying for Chapter13 bankruptcy laws. One also has to meet the federal and/or statute laws in regards to classification of the cases. Some cases can be regarded as chapter 7, 10 or 13 case depending on the factors regarding the case.

 

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