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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Weve been looking to buy property in Oklahoma & Arkansas because

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We've been looking to buy property in Oklahoma & Arkansas because of their generous homestead laws. However, the properties in Missouri are very attractive and we need to know the Missouri homestead laws as they relate to asset protection before making a purchase decision.
Submitted: 7 years ago via ExpertHub.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
513.475. 1. The homestead of every person, consisting of a dwelling house and appurtenances, and the land used in connection therewith, not exceeding the value of fifteen thousand dollars, which is or shall be used by such person as a homestead, shall, together with the rents, issues and products thereof, be exempt from attachment and execution. The exemption allowed under this section shall not be allowed for more than one owner of any homestead if one owner claims the entire amount allowed under this subsection; but, if more than one owner of any homestead claims an exemption under this section, the exemption allowed to each of such owners shall not exceed, in the aggregate, the total exemption allowed under this subsection as to any one homestead.
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