Many people with debt problems find they have to leave one state and move to another. For instance, a person has lost their job in one state and needs to move in with family in Missouri in order to save money. If this person needs to file bankruptcy within two years of moving to Missouri, there will be issues with which exemptions they will be able to use when it comes time to file Chapter 7 or Chapter 13 bankruptcy. If you have just moved to Missouri and need to file bankruptcy, contact a St. Louis Bankruptcy Lawyer to help determine your state of residence.
St. Louis Bankruptcy Lawyer on Different State Exemptions
Bankruptcy exemptions are important because they will help you keep as many of your assets as possible while still getting your debt under control. If you have lived in Missouri for less than two years, you will need to use the exemptions from the state you lived in for 180 days prior to the two year period. This is important because, depending on which state you have come from, you may be able to use the federal bankruptcy exemptions which are more generous than Missouri’s bankruptcy exemptions.
For instance, federal bankruptcy exemptions allow the following exemptions, amongst others:
- $22,975 for the homestead exemption
- $12,250 in household goods
- $2,300 in tools of the trade
A St. Louis Bankruptcy Attorney can discuss the other exemptions available to you in more detail.
Understanding the types of exemptions you will have is important to ensuring you can keep the assets most valuable to you while still getting your debt under control. By speaking to an experienced St. Louis Bankruptcy Attorney who understands your state of residence, you can determine if bankruptcy is the right decision for your family.