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Author Archives: coleman

New Missouri Bankruptcy Exemption Status Law Passed

Yesterday (July 9, 2012) Governor Nixon signed a law that will change some Missouri bankruptcy exemption statutes, including the vehicle exception statute and the head of household statute. The new law clarifies that the Missouri bankruptcy exemption of a debtor’s interest in … Continue reading

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Missouri Bankruptcy Advice: Before bankruptcy is it a good idea to pay off minor credit card debt?

Paying off a credit card with a small balance before a bankruptcy filing may be advisable for post-bankruptcy credit building. Debtors must list all of their creditors in their bankruptcy schedules (all debts). The Court then notifies these creditors of … Continue reading

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Missouri Bankruptcy Help: Can I transfer my assets to someone else before bankruptcy?

It is generally not a good idea to put property you own into someone else’s name in the time leading up to a bankruptcy filing. Transferring assets to another individual or entity prior to filing bankruptcy to protect the assets … Continue reading

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Missouri Bankruptcy Help: Should I borrow against my home to pay off debt?

If considering bankruptcy, do not borrow money against your home to pay off or consolidate debt. The homestead exemption laws in Missouri and Kansas both protect some equity in a bankruptcy debtor’s house. As a general rule, incurring additional debt against a … Continue reading

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Missouri Bankruptcy Filing Tip Help: Should I pay off debt with retirement funds?

It is usually not advisable to withdraw or take out a loan against a 401K,IRA or other qualified retirement account to pay off or consolidate debt. Under Missouri and Kansas law, an individual’s interest in their retirement plan such as … Continue reading

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What should you do with your retirement plan before Missouri bankruptcy?

I often get this question, as do most Missouri bankruptcy attorneys, “How does bankruptcy effect my retirement?” I’ve heard this question from my clients because they are concerned about the possibility of bankruptcy depleting their retirement accounts. I’ve also been … Continue reading

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