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 motor vehicles applies to all motor vehicles owned by the debtor to a total of $3000 no matter the number of debtor owned motor vehicles which are used to reach the $3000 exemption amount. It also clarifies that the exemption of a mobile home used by the debtor as a residence is $5000 when the mobile home is not attached to land which is also owned by the debtor; where the mobile home is attached to the land owned by the debtor the only exemption available to the debtor is that of the homestead exemption. The law also changes the Missouri bankruptcy exemption in public assistance programs to include all public assistance programs notwithstanding the source of the public assistance. Lastly it raises the age for dependents from 18 to 21 in the determination of the head of household exemption. This new law will apply to bankruptcies filed on or after August 28, 2012.

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