MISSISSIPPI BANKRUPTCY LAW
Mississippi Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Mississippi Bankruptcy Statistics: In Mississippi, in 2009, 14,701 bankruptcies were filed. Business bankruptcies accounted for 484 or 3.29% and personal bankruptcies accounted for 14,217 or 96.71% of the total filings.
Mississippi State Bankruptcy Exemptions
The home (“homestead”) exemption is limited to $75,000 and no more than 160 acres. Married or widowed debtors over 60 may claim a former residence as a homestead. Mississippi defines “homestead” to include property you own and occupy. A mobile home does not qualify as a homestead but, the land on which a mobile home is located does qualify as a homestead if the debtor owns the land.
The following expenses or items are exempt in their entirety in Mississippi:
The following expenses or items are exempt up to a specified limit in Mississippi:
The following individuals’ and their survivors’ pension benefits are exempt when filing for bankruptcy in Mississippi:
The following pension types are exempt or partially exempt when filing for bankruptcy in Mississippi:
The following types of insurance are entirely or partially exempt when filing for bankruptcy in Mississippi:
The following public benefits are exempt when filing for bankruptcy in Mississippi:
Tools of the trade
This is not a separate exemption for tools of the trade in Mississippi.
In Mississippi, earned but unpaid wages owed for 30 days. After thirty days, the greater of 75% or more of unpaid weekly disposable earnings or thirty times the federal minimum wage is exempt.
Any property available to Mississippi residents aged 70 or older, including deposits of money, up to $50,000.
Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Mississippi.
Mississippi Bankruptcy Court: