Asked in Bankruptcy for Missouri

Q: Contemplating bankruptcy questioning whether I would lose my House

Also not really any equity the home if was to sell. Usda done a moratorium to defer payments it is back to where I am making payments but I am a few behind credit report shows loans in forbearance

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2 Lawyer Answers
Malissa L. Walden
Malissa L. Walden
  • Bankruptcy Lawyer
  • Lenexa, KS
  • Licensed in Missouri

A: When you file for bankruptcy any property you own will be classified as exempt property or non-exempt property.

Exempt property is safe during the bankruptcy.

Non-exempt property can be sold for the benefit of your creditors.

Each state is allowed to decide what exemptions are available to their residents.

In Missouri, a Missouri resident is allowed to keep their homestead subject to certain restrictions:

The home is subject to a $15,000 monetary limit.

Mobile homes are subject to a $5,000 monetary limit.

Exemption information alone may not determine if bankruptcy is a good option for you. A lot of factors and choices are available for many that are interested in filing.

Timothy Denison agrees with this answer

Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Most likely you could protect the little equity in the home and file but you really need to have a bankruptcy attorney evaluate your entire financial situation before you make such a decision.

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