Asset Strategies

Learn more about protecting your personal and company assets.

Missouri Asset Protection Laws

These assets are exempted from a state court or bankruptcy proceeding in Missouri.

Homestead: Real property to $15,000. Joint owners may not double.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for employees of cities with 100,000 or more people, public officers and employees, police officers, highway and transportation employees, firefighters, state employees and teachers. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, but no protection for contributions that are made within three years of bankruptcy filing. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Death, disability or illness benefits. Life insurance proceeds if owned by a woman who insures her husband, or an unmarried woman who insures her father or brother. Life insurance dividends. Any unmatured life insurance, and up to $5,000 in accrued dividends, interest, or loan value if purchased more than 6 months prior to filing. Fraternal society benefits up to $5,000 if bought more than 6 months prior to bankruptcy action.

Personal Property: Appliances, household goods, clothing, books, crops, animals and musical instruments up to $3,000. Motor vehicle up to $3,000. Jewelry up to $500. Burial plot. Health aids. Wrongful death recoveries for death of person who supported you.

Tools of Trade: Tools and implements up to $3,000 used by the debtor or a dependent.

Miscellaneous: Alimony and child support up to $750 per month. Business partnership property.

Wages: Minimum 75% of earned but unpaid wages (90% for head of family). Wages of servant or common laborer up to $90.

Public Benefits: Social Security. Unemployment compensation. Workers' compensation. Veteran's benefits. AFDC.

Wild Card: $600 in any kind of property. Head of household debtors $1,250, plus $350 per unmarried dependent child under 18.

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