Mississippi Bankruptcy Exemptions

The State of Mississippi allows state residents to choose the federal exemption or state exemption allowances. This creates a choice for the debtor between the most beneficial exemptions per their own case. The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney who can evaluate your individual case and guide you through the process.

There is certain property that is exempt or excluded that the debtor can keep. Property and assets exemptions are determined based upon your personal situation, personal income and state laws.

This is a list of some of the available exemption in the State of Mississippi. You can obtain and more detailed list of exemptions by contacting a qualified Mississippi bankruptcy lawyer in your area. They will be able to list and explain all of the federal and state exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income. An attorney can perform a detailed analysis of your personal situation and advise you of your options. Contact an attorney today.

Assets

Homestead: Property that is owned and occupied to $75,000; if over 60 and married or widowed may claim a former residence, Property cannot exceed 160 acres; sale proceeds exempt, mobile home does not qualify as homestead unless the debtor owns the land on which it is located

Pensions: Traditional and ROTH IRAs to $1,095,000 per person, tax-exempt retirement accounts, including 401(k)s, 403(b)s, SEP and SIMPLE IRAs, defined benefit plans and profit sharing and money purchase plans.ERISA qualified benefits, Keoghs, IRAs, deposited over 1 year before filing bankruptcy, Volunteer firefighters’ death benefits, Law enforcement officers’ death benefits, Police officers (includes death benefits), Highway patrol officers, Teachers, State employees, Public employees retirement and disability benefits, Private retirement benefits to extent tax-deferred

Insurance: Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors, Fraternal benefit society benefits, Disability benefits, Homeowners’ insurance proceeds to $75,000

Miscellaneous: Property of business partnership

Personal Property: Personal injury judgments to $10,000, Sale or insurance proceeds for exempt property, Mobile home to $20,000 Personal property to $10,000: any item worth less than $200; kitchenware, furniture, dishes, appliances, household goods, 1 TV, 1 radio, 1 lawnmower, 1 firearm, clothing, wedding rings, motor vehicle, tools of the trade, crops, health aides, books and domestic animals (Does not include works of art, electronic equipment, jewelry or antiques)

Public Benefits: Workers’ compensation, Unemployment compensation, Crime victims’ compensation, Assistance to blind, Assistance to aged, Assistance to disabled, Social Security

Tools of Trade: Included in personal property

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

Wildcard: Included in personal property

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