A. (§7.44) Exempt Property Based on “Opt Out” Section
The Bankruptcy Code, 11 U.S.C. §§ 101 et seq., provides for exemptions available to the debtor in 11 U.S.C. § 522. But Missouri “opted out” of the federal scheme of exemptions with the enactment of § 513.427, RSMo 2000. Under § 513.427, debtors in Missouri are permitted to exempt from the bankruptcy estate any property that is exempt from attachment and execution under the law of the state of Missouri or under federal law, other than § 522(d), and no debtor is authorized to claim as exempt any property specified in § 522(d).
Accordingly, the exemptions available to debtors in Missouri can come from either Missouri caselaw and statutes or federal statutes other than § 522(d). Generally speaking, any property that is exempt from attachment and execution under Missouri law may be exempt in a bankruptcy proceeding. In re Searcy, 193...
