QUESTION
If we file for Chapter 7 Bankruptcy in Missouri, may we keep our home? We have a mobile home, outbuildings on 40 acres, which is paid for.
Asked on Oct 21st, 2011 on Bankruptcy - Missouri
More details to this question:
Also have a 1997 vehicle paid in full, another vehiche securing a $10,000.00 loan. In addition have approx. 20,000.00 in unsecured debt, including payday loans. Limited income of s.s. and part time job amounting to $30,000.00 yearly. Do want to pay off debts, but need some relief to afford living expenses.
1 ANSWER
3 Awards
Missouri has a specific exemption to protect mobile homes in bankruptcy. I will need to know the value of your mobile home as well as some other information before I can give you a definitive answer. I recommend calling my office to schedule a free consultation if you are in the St. Louis area. Otherwise, find a capable attorney in your area. Most bankruptcy attorneys will offer free initial consultations.
Whether or not you can keep a vehicle depends on the amount of equity you have. A single filer has a $3,000.00 auto exemption. Joint filers have a $6,000.00 auto exemption. There is a good chance that your cars will not be an issue.
-John Schleiffarth
Answered on Nov 04th, 2011 at 1:45 PM