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

Homestead

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.

Personal Property

The following expenses or items are exempt in their entirety in Mississippi:

1. Mississippi Prepaid Affordable College Tuition Program (MPACT)
2. Tax-qualified §529 education savings plans
3. State health savings accounts
4. Sale or insurance proceeds for exempt property
5. Furniture, dishes, kitchenware, household goods, appliances
6. Wedding rings
7. Motor vehicles
8. Books
9. Crops
10. Health aids
11. Domestic animals

The following expenses or items are exempt up to a specified limit in Mississippi:

1. Federal and state tax refunds are limited to $5,000
2. Mobile homes are limited to $30,000
3. Personal injury judgments are limited to $10,000
4. Tangible personal property is limited to $10,000
5. Any personal property worth less than $200
6. Radio, television, firearm, lawnmower-1 of each

Pensions

The following individuals’ and their survivors’ pension benefits are exempt when filing for bankruptcy in Mississippi:

1. Public employees
2. State employees
3. Teachers
4. Volunteer firefighters
5. Tax deferred private retirement benefits
6. Law enforcement officers (includes police officers, highway patrol officers and firefighters)

The following pension types are exempt or partially exempt when filing for bankruptcy in Mississippi:

1. ERISA qualified benefits
2. IRAs
3. Keoghs if deposited over 1 year prior to filing for bankruptcy
4. Earned income tax credits up to $5,000
5. State health savings account

Insurance

The following types of insurance are entirely or partially exempt when filing for bankruptcy in Mississippi:

1. Life insurance proceeds in their entirety (if there is a clause forbidding the use of proceeds to pay the beneficiary’s creditors)
2. Homeowner’s insurance proceeds up to $75,000
3. Disability benefits
4. Fraternal benefit society

Public Benefits

The following public benefits are exempt when filing for bankruptcy in Mississippi:

1. Crime victims’ compensation
2. Unemployment compensation
3. Workers’ compensation
4. Social Security
5. Assistance to blind, disabled and elderly

Tools of the trade

This is not a separate exemption for tools of the trade in Mississippi.

Wages

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.

Miscellaneous: No.

Wildcard

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:

United States Bankruptcy Court, Northern District of Mississippi

United States Bankruptcy Court, Southern District of Mississippi