Mississippi State Bankruptcy Exemption List
Only State Exemptions Allowed
In the state of Mississippi you can not use the federal bankruptcy exemption list but must choose the Mississippi Bankruptcy exemptions. There may be certain federal supplemental exemptions you can use. All exemptions should be discussed with your Mississippi Bankruptcy Attorney.
Mississippi has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Mississippi. There may be certain residency requirements to use the State of Mississippi Bankruptcy Exemption List.
The following table will outline the Mississippi Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption.
| Exemptions | Exemption Amount | Statutes |
|---|---|---|
| Homestead | Property occupied by debtor unless over 60 and married or widowed, to $75,000. Property cannot exceed 160 acres; sales proceeds exempt May file homestead declaration |
85-3-1(b)(i), 85-3-21, 85-3-23 85-3-27, 85-3-31 |
| Personal Property | Tangible personal property of any kind to $10,000 Personal injury judgments to $10,000 Proceeds for exempt property |
85-3-1(a) 85-3-17 85-3-(b)(i) |
| Public benefits | Assistance to aged Assistance to blind Assistance to disabled Crime victims compensation Social security Unemployment compensation Workers’ compensation |
43-9-19 43-3-71 43-29-15 99-41-23 25-11-129 71-5-539 71-3-43 |
| Insurance | Disability benefits Fraternal benefit society benefits Homeowner’s insurance proceeds to $75,000 Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors |
85-3-1(b)(ii) 83-29-39 85-3-25 83-7-5 |
| Miscellaneous | Property of business partnership | 79-12-49 |
| Pensions | ERISA-qualified benefits deposited over one year before filing Firefighters Highway patrol officers IRAs deposited over one year before filing bankruptcy Keoughs deposited over one year before filing bankruptcy Private retirement benefits to extent tax-deferred Police officers Public employees retirement & disability benefits State employees Teachers |
85-3-1(b)(iii) 21-29-257 25-13-31 85-3-1(b)(iii) 85-3-1(b)(iii) 71-1-43 21-29-257 25-11-129 25-14-5 25-11-201(1)(d) |
| Wages | Earned but unpaid wages owed for 30 days; after 309 days, minimum 75% (bankruptcy judge may authorize more for low income debtors) | 85-3-4 |
| Tools of trade | Under Personal Property | |
| Wild Card | Under Personal Property |
