Homeowners in Missouri are allowed to protect $15,000 of their home equity from unsecured creditors because of the state’s homestead exemption law. If a Missouri homeowner has $15,000 or less in equity in his or her primary residence and continues to make regular mortgage payments then the bankruptcy court will likely allow the homeowner to keep his or her home during a bankruptcy proceeding.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.