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Personal assets. Some assets that can be excluded under this category include burial plots of up to $29,275 (which must be taken instead of the homestead exemption), a maximum of $725 for individual household and clothing items, and jewelry of up to $1,750.

In most cases you will not lose your home or car during a bankruptcy case as long as the equity in your property is fully exempt.

The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.

If you have a large amount of equity in your home that is outside the exemption values, you do not want to file a Chapter 7 because the equity would not be protected and a debtor could lose his/her home.

The income limits for Chapter 7 in Missouri are based on the median income for your household size and are updated periodically. As of May 2024, the median family income of one person in Missouri is around an average of $59,605. This means your income limit for Chapter 7 as a Missouri resident should be under $59,605.

In California, the bankruptcy lookback period is two years for ordinary transactions and four years for certain types of transactions, such as payments to family members.

By order dated April 24, 1973, effective October 1, 1973, the Supreme Court prescribed, pursuant to 28 U.S.C. § 2075, the Bankruptcy Rules and Official Bankruptcy Forms, which abrogated previous rules and forms. The Bankruptcy Rules and Official Forms were last amended in 2023.

The length of the lookback period varies depending on the type of transfer being examined. The preferential transfer period is 90 days prior to the bankruptcy filing date for ordinary creditors and one year prior for insiders, such as family members or business partners.

Generally, the income look-back period is 6 months backward from the last day of the month prior to your filing date. Your income during the look-back period is added up to find your typical average monthly income. This is used to determine if you qualify for Chapter 7 or must choose Chapter 13.