Mississippi Bankruptcy Exemptions

On this page you can find all of the exemptions for Mississippi. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Homestead of householder (debtor must reside in homestead unless he is over 60 and previously qualified for exemption)
$75,000 (cannot exceed 160 acres)
Miss. Code Ann. §85-3-21
Wild Card
Senior (age 70 or over) additional exemption of any real, personal or intangible property, or any combination thereof
$50,000
Miss. Code Ann. § 85-3-1(h)
Wages / Wage Garnishment
Wages, salaries and compensation for personal services
100% of earnings for last 30 days, then 75% or 30 times the federal minimum hourly wage for week, WHICHEVER IS GREATER
Miss. Code Ann. § 85-3-4
Insurance
Proceeds of life insurance policies payable to executor
$50,000
Miss. Code Ann. § 85-3-13
Insurance
Proceeds of life insurance policies payable to another (includes cash surrender and loan values)
100% (except $50,000, if procured within 1 year of bankruptcy)
Miss. Code Ann. § 85-3-11
Insurance
Income from disability insurance
100%
Miss. Code Ann. § 85-3-1(b)(ii)
Insurance
Insurance proceeds in hands of insurance company if contract so provides
100%
Miss. Code Ann. §83-7-5
Insurance
Fraternal Benefit Society benefits
100%
Miss. Code Ann. § 83-29-39
Personal Property
Proceeds of personal injury judgment
$10,000
Miss. Code Ann. § 85-3-17
Personal Property
Household goods, wearing apparel, books, animals or crops; motor vehicles; implements, professional books or tools of trade; cash on hand; professionally prescribed health aid; or any item of tangible personal property worth less than $200.
$10,000 cumulative value
Miss. Code Ann. § 85-3-1(a)
Personal Property
Personal property selected by debtor (except wages, salaries or commissions)
$250 or articles specified as exempt if head of family (see below)
Miss. Code Ann. § 85-3-23
Pensions / Retirement Accounts
Firemen and policemen retirement and disability benefits
100%
Miss. Code Ann. § 21-29-257
Pensions / Retirement Accounts
Employee trust plan benefits
100%
Miss. Code Ann. §71-1-43
Pensions / Retirement Accounts
Public employee deferred compensation benefits
100%
Miss. Code Ann. § 25-14-5
Pensions / Retirement Accounts
Public officer and employee retirement benefits
100%
Miss. Code Ann. § 25-13-31
Pensions / Retirement Accounts
Assets in and benefits from I.R.C.-qualified retirement plan or IRA
100% of tax-qualified amounts
Miss. Code Ann. § 85-3-1(e)
Pensions / Retirement Accounts
Optional retirement benefits for university employees
100%
Miss. Code Ann. § 25-11-419
Pensions / Retirement Accounts
Supplemental legislative retirement plan benefits
1100%
Miss. Code Ann. § 25-11-319
Pensions / Retirement Accounts
Teachers' retirement benefits
100%
Miss. Code Ann. § 25-11-201 & 129
Pensions / Retirement Accounts
State employees' retirement benefits
100%
Miss. Code Ann. § 25-11-129
Pensions / Retirement Accounts
Municipal employees' retirement benefits
100%
Miss. Code Ann. § 21-29-51 & 307
Public Benefits
Aid to disabled persons
100%
Miss. Code Ann. § 43-29-15
Public Benefits
Criminal judgment awards
100%
Miss. Code Ann. § 99-41-23(8)
Public Benefits
Workmen's compensation benefits
100%
Miss. Code Ann. § 71-3-43
Public Benefits
Unemployment compensation benefits
100%
Miss. Code Ann. § 71-5-539
Public Benefits
Old age assistance payments
100%
Miss. Code Ann. §43-9-19
Public Benefits
Aid to blind persons
100%
Miss. Code Ann. § 43-3-71
Miscellaneous
Real property of railroad authorities
100% (except as to voluntary liens)
Miss. Code Ann. § 19-29-41
Miscellaneous
Insurance or sales proceeds from exempt property
amount of exemption applicable to property damaged or sold
Miss. Code Ann. § 85-3-1(b)(i)
Miscellaneous
Insurance proceeds from destruction of exempt homestead
$75,000
Miss. Code Ann. § 85-3-23
Miscellaneous
Descent of exempt property
100%
Miss. Code Ann. §91-1-19
Miscellaneous
Debtor's interest in federal or state tax refunds or credits
$5,000 each
Miss. Code Ann. 5 85-3-Hi) (\) & (k)
Miscellaneous
Specific partnership property
100% of partner's interest
Miss. Code Ann. § 79-13-501 & 504
Miscellaneous
One mobile or manufactured home used as primary residence by person not claiming homestead exemption
$30,000
Miss. Code Ann. § 85-3-1(d)
Miscellaneous
Property for the collection or enforcement of any order or judgment for civil or criminal contempt of court
100%
Miss. Code Ann. § 85-3-1(c)
Tuition Savings Account
Assets held in a qualified tuition pk. plan or health savings plan
100%
Miss. Code Ann. § 85-3-1(f)&(g)

If you want to learn more about filing bankruptcy in Mississippi please visit our FAQ Page or for more information about Mississippi you can visit the Mississippi section.