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  
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