Mississippi Bankruptcy Exemptions

Homestead

85-3-21 & 85-3-23 - $75,000, but cannot exceed 160 acres. Must occupy at time of filing bankruptcy, unless you are widowed or over 60 and married or widowed. Sale proceeds are also exempt.

Personal Property

85-3-1 - Clothing, furniture, appliances, 1 radio and 1 television, 1 firearm, 1 lawn mower, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the debtor and dependents, but not works of art, other electronic entertainment equipment, jewelry (other than wedding rings), and items acquired as antiques; books; animals; crops; motor vehicles; cash on hand; health aids; and any item of tangible personal property worth less than $200; tangible personal property up to $10,000; proceeds from exempt property; mobile home up to $30,000; state health savings plans; Tax-qualified 529 education savings plans, including those under the Mississippi Prepaid Affordable College Tuition Program.

85-3-17 - Personal injury judgments up to $10,000.

Wages

85-3-4 - Earned but unpaid wages owed for 30 days; after 30 days, the greater of the following: minimum 75% of unpaid weekly earnings or 30 times the federal minimum hourly wage; judge may allow more for low income debtors.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

21-29-257 - Police officers and firefighters.

25-11-129 - Public employees retirement and disability benefits.

25-11-201 - Teachers.

25-13-31 - Highway patrol officers.

25-14-5 - State employees.

45-2-1 - Volunteer firefighters' and law enforcement officers' death benefits.

71-1-43 - Private retirement benefits.

85-3-1 - IRAs, Keoghs, and ERISA-qualified benefits, if deposited more than 1 year before filing.

Public Benefits

25-11-129 - Social Security.

43-3-71 - Assistance to blind.

43-9-19 - Assistance to aged.

43-29-15 - Assistance to disabled.

71-3-43 - Workers' compensation.

71-5-539 - Unemployment compensation.

85-3-1 - Earned income tax credits and state and federal tax refunds up to $5,000 each.

99-41-23 - Crime victims' compensation.

Insurance

83-7-5 - Life insurance proceeds if policy prohibits use to pay creditors.

83-29-39 - Fraternal benefit society benefits.

85-3-1 - Disability benefits.

85-3-23 - Homeowners' insurance proceeds up to $75,000.

Other - Add any applicable Federal Nonbankruptcy Exemptions


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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed are prepared by Rica Gilmore.