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 |
|