St. Louis Bankruptcy Lawyers Blog
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When you file a St Louis bankruptcy, your assets are kept safe and protected by way of “exemptions” that the state of Missouri provides. These exemptions do just what the name implies: they exempt your possessions (i.e. keep them out of the bankruptcy estate). This in turn ensures that those assets will be safe (and stay in your possession).
Let’s look at a specific example: say you own a lot of costume jewelry. This jewelry is in the form of earrings, necklaces, bracelets, and other formal wear. Your St Louis bankruptcy lawyer will ask you to provide garage sale value for these items. In other words, not the value that you personally hold for them (like sentimental value), or what you originally paid for them.
Garage sale value is literally the value that someone would pay if they were to find these items when they walk into someone’s garage and plunk down cash. If you’ve ever been to a garage sale, you probably already know that the price tags are pretty low. So if your costume jewelry was originally purchased for $500, then there is very little likelihood that that jewelry has a value of $500 today.
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More than likely, the garage sale value is far less. How much less? That question is best answered by you (since you are in the better position to assess the value of the items in question; in other words, you know what sort of condition the jewelry is in, and what it would probably fetch in a garage sale).
The state of Missouri gives you a “Other Jewelry” exemption of $500 to cover basic jewelry for an individual filing, and $1000 for a joint filing. In addition, the state also provides an exemption for “Wedding Rings” of $1500 for an individual and $3000 for a joint filing.
The best way to determine whether or not your assets can be protected when you file a bankruptcy is to set an appointment to with us!! As soon as you can! We will answer all your questions, thoroughly describe your options, and help guide you through the process step by step!!
The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.