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 $20,000.
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. ยง 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.
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.
Miscellaneous
79-12-49 - Business partnership property.