Missouri allows a bankruptcy debtor to save $15,000 in equity in their home. Equity is the value of your home that exceeds any mortgages. If you file bankruptcy and have more than $15,000 in equity, the bankruptcy court may take your home from you and sell it. The proceeds from the sale would go to pay your creditors and the court would write you a check for $15,000. If you are thinking of filing bankruptcy and are worried about your home, you need to consult a bankruptcy attorney.
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