Q What is the Homestead Exemption?
Homestead Exemption During Bankruptcy
If you own a home and you file for bankruptcy, you can qualify for a homestead exemption. This protects your home equity from creditors in a Chapter 7, helps reduce your payments in a Chapter 13, and allows you to keep your house.
In Missouri, the homestead exemption protects up to $15,000 of your home equity, plus the land the dwelling sits on. If the property is jointly owned by a married couple in Missouri, the property is fully exempt as long as the property owners do not have any joint debts.
In Kansas, homeowners can exempt an unlimited amount of equity from their homes. However, they are limited to the amount of land they can protect – one acre within the city limits or up to 160 acres of farmland.
Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or click here to email us and schedule your free consultation.