Bill > HB2200

This bill modifies Missouri state law by increasing the homestead exemption amount from $15,000 to $50,000. A homestead exemption is a legal protection that shields a person's primary residence from being seized by creditors during debt collection or bankruptcy proceedings. Under the revised law, homeowners can protect up to $50,000 of their home's value from attachment and execution, which means creditors cannot force the sale of the property to satisfy a debt. The bill maintains existing provisions that prevent either spouse from independently selling or mortgaging the homestead without the other's consent, while still allowing both spouses to jointly make decisions about the property. The exemption applies to the dwelling house, its appurtenances, and the land used in connection with it. If multiple owners claim an exemption for the same property, the total exemption cannot exceed the $50,000 limit, ensuring that only one full exemption can be applied to a single homestead.