Mississippi Bankruptcy Exemptions
The chart below contains a summary of Mississippi state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Mississippi bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Mississippi Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Mississippi Homestead||Property owned and occupied by debtor to $75,000 (cannot exceed 160 acres). If debtor is over 60 years old and married or widowed, may claim a former residence.||85-3-1(b)(i); 85-3-21; 85-3-23|
|Wages||Earned but unpaid wages owed for 30 days. After 30 days, minimum 75% of earned but unpaid weekly disposable earnings or 30 times the Federal hourly minimum wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors||85-3-4|
|Automobile||Up to $10,000||85-3-1(a)|
|Other property||Disability benefits||85-3-1(b)(ii)|
|Mobile home to $30,000||85-3-1(d)|
|Furniture, household goods, appliances, clothing||85-3-1(a)|
|Sale or insurance proceeds for exempt property||85-3-1(b)(i)|
|Tools of the trade||85-3-1(a)|
|Wildcard||$50,000 of any property (including money deposits) available to state residents who are at least 70 years old.||85-3-1(h)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Mississippi bankruptcy court statutes.