Exemptions

Exemptions protect certain types of your property from your creditors. State law protects the equity in your home, car, retirement, clothing, tools, and other important property.

Even in old cartoons, when someone lost everything, they still had a barrel. Your state’s laws define the size of your barrel.

Missouri:

Homestead
• $15,000 of equity in the Debtor’s residence.

Vehicles
• $3,000 of equity in any number of vehicles for each Debtor.

That means that a married couple filing a joint bankruptcy case in the State of Missouri can protect 6,000 cars if each is worth only $1. Or, more likely:

Vehicle 1 is worth $12,000 and you owe $10,000 = $2,000 equity
Vehicle 2 is worth $20,000 and you owe $19,000 = $1,000 equity
Vehicle 3, driven by Daughter is worth $3,000 and is paid off = $3,000 equity

Our Debtors can protect all 3 cars because the total equity is only $6,000.

Other Property
• $3,000 each for Household Goods and Furnishings
• $1,500 each for Wedding Rings
• $500 each for Other Jewelry
• $1,500 firearms and accessories
• $3,000 each for Tools of the Trade
• Unlimited equity in Qualified Retirement Accounts
• $600 each for Wildcard exemption
• $1,250 + $350 for each minor child for Head of Household exemption

Kansas:

Homestead:
• Unlimited equity in your primary residence

Vehicles:
• $20,000 of equity for each Debtor.

Unlike Missouri’s exemptions, kansas only allows each Debtor 1 vehicle. So if our married couple in the example above filed in kansas, they can still protect their own vehicles but may not be able to protect the 3rd.

Other Property:
• Unlimited equity in Household Goods and Furnishings
• $1,000 each for Jewelry
• Unlimited equity in Qualified Retirement Accounts
• $7,500 each for Tools of the Trade