Mississippi Bankruptcy Exemptions

This list of exemptions updated August 2007. All law references are to Mississippi Code unless otherwise noted. Federal bankruptcy exemptions are not available in Mississippi.

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. § 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.

Other - Add any applicable Federal Nonbankruptcy Exemptions

Free Bankruptcy Evaluation

Mississippi Bankruptcy Exemptions

Other Bankruptcy Exemptions