Mississippi law requires that state bankruptcy exemptions be used, because the state has opted out of the federal exemptions.  Many of Mississippi’s normal bankruptcy exemptions are listed below.  However, the amounts listed may be higher if filing bankruptcy as a married couple. If you would like more information on how to file bankruptcy in your state, please consult an attorney.

• Homestead (equity in dwelling used as residence)
– Up to $75,000 and 160 acres
– Up to $30,000 in manufactured home
• Equity in automobile/personal property/tools of the trade
– Up to $10,000 in any combination of an automobile, household goods, furniture, appliances, clothing, wedding rings, one lawnmower, tools of the trade, books, health aids, crops, pets, and cash on hand
– Sale or insurance proceeds for exempt property
• Wages and cash
– 30 days of unpaid wages, and thereafter 75% of earnings or 30 times federal minimum hourly wage
– Up to $5,000 in income tax refunds
– Earned income tax credit
• Insurance
– Life insurance proceeds if they cannot be used to pay creditors
– Disability benefits
– Homeowners’ insurance proceeds to $75,000
– Fraternal benefit association benefits
• Pensions and retirement
– Tax exempt retirement benefits
– IRAs and ERISA benefits
– Retirement benefits for teachers, firefighters, police officers, and highway patrol
– Retirement benefits for state and other public employees
• Public benefits
– Unemployment compensation
Workers’ compensation
– Crime victims’ compensation
– Public assistance
Social security
– Veteran’s benefits
• Other
– Tax exempt education savings plans
– Up to $10,000 in personal injury awards or settlements
• Wildcard (exemption for personal property of your choice)
– Up to $50,000 in personal property for those over 70 years old

Do I Need a Bankruptcy Lawyer?

Bankruptcy is complex, and it is important to use the exemptions above properly and to file all paperwork correctly. If you are considering filing for bankruptcy in Mississippi, please consult a Mississippi bankruptcy lawyer for advice and assistance.