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.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| 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) | |
| Health aids | 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.
Back to all State Bankruptcy Exemptions
Go to Complete State of Mississippi bankruptcy exemptions laws.
Mississippi Bankruptcy Court links :
Ready to Start? Call us at 1(888)214-7773
