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Commencement of a bankruptcy case creates an estate. The estate technically becomes the temporary legal owner of all the debtor's property. It consists of all legal or equitable interests of the debtor in property as of the commencement of the case, including property owned or held by another person if the debtor has an interest in the property. Generally speaking, the debtor's creditors are paid from nonexempt property of the estate.

In Missouri, as in all states, the commencement of a bankruptcy case creates a bankruptcy estate, which is governed by federal law under the Bankruptcy Code. This estate becomes the temporary legal owner of the debtor's property and includes all legal or equitable interests of the debtor in property at the time the bankruptcy case is filed. This encompasses property that may be in the possession of someone else but in which the debtor has an interest. The estate is used to pay the debtor's creditors. However, not all property is included in the estate; debtors are allowed to keep exempt property under both Missouri law and federal law. Exemptions are specific types of property that the debtor is allowed to keep up to certain values, such as a primary residence, automobile, personal belongings, and retirement accounts. The exact property considered exempt can vary, as debtors in Missouri may choose between state exemptions and federal exemptions provided in the Bankruptcy Code.

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