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What Are Chapter 13 Exemptions?

In a Chapter 13 case, you are committing to paying back your debt over a period of three to five years. This allows you to keep your property, such as cars, houses, etc. Exemptions determine how much you will have to pay your creditors.

Repayment Plan During Chapter 13

During a Chapter 13, you will make a repayment plan for some of your debts. You will then make monthly payments to the bankruptcy trustee, which then pays your creditors. The amount you pay monthly will depend on a number of factors, including your income level, expenses and how much debt you have.

Some debts are called priority debts, and they must be paid in full through the plan. These debts include alimony, child support, some taxes, and mortgage back payments. You will also have to make current payments on the property you wish to keep, like your house and car. 

The rest of your non-priority debts don’t have to be paid back in full. These include credit cards, medical bills, personal loans, etc. The amount that you will pay depends on your disposable income and your nonexempt assets. 

Both Kansas and Missouri have their own set of exemptions they will allow. Here are a few examples:

Missouri

  • Real property up to $15,000 or mobile home up to $5,000
  • Motor vehicles up to $3,000
  • Health savings accounts
  • Pensions, IRAs, Roth IRAs
  • Social Security, veteran’s benefits and public assistance
  • Tools, books and implements up to $3,000

 

Kansas

  • Real property, mobile home or manufactured home of unlimited value, but can’t exceed one acre in a city or 160 acres on a farm.
  • Motor vehicles up to $20,000
  • Pensions, IRAs, Roth IRAs
  • Social Security, veteran’s benefits and public assistance
  • Tools, books and implements up to $7,500

 

There are many other exemptions that may be applicable to your case. You need a skilled bankruptcy attorney who can help you maximize your Chapter 13. Our attorneys are licensed in both Kansas and Missouri, and we have many years of experience dealing with the local courts.

Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.


Jason C. Amerine
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President and Owner, Castle Law Office of Kansas City
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