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Mississippi State Bankruptcy Exemptions |
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Mississippi State Bankruptcy Exemptions |
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FEDERAL
BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE All law references are to Mississippi Code. |
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| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
Property
occupied by debtor unless over 60 & married or widowed,
to $75,000; property cannot exceed 160 acres; sales
proceeds exempt May file homestead declaration |
85-3-1(b)(i), 85-3-21, 85-3-23 85-3-27, 85-3-31 |
| Insurance |
Disability benefits Fraternal benefit society benefits Homeowner’s insurance proceeds to $75,000 Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors |
85-3-1(b)(ii) 83-29-39 85-3-25 83-7-5 |
| Miscellaneous | Property of business partnership | 79-12-49 |
| Pensions |
ERISA-qualified
benefits deposited over 1 year before filing Firefighters Highway patrol officers IRAs deposited over 1 year before filing bankruptcy Keoughs deposited over 1 year before filing bankruptcy Private retirement benefits to extent tax-deferred Police officers Public employees retirement & disability benefits State employees Teachers |
85-3-1(b)(iii) 21-29-257 25-13-31 85-3-1(b)(iii) 85-3-1(b)(iii) 71-1-43 21-29-257 25-11-129 25-14-5 25-11-201(1)(d) |
| Personal Property |
Tangible
personal property of any kind to $10,000 Personal injury judgments to $10,000 Proceeds for exempt property |
85-3-1(a) 85-3-17 85-3-(b)(i) |
| Public benefits |
Assistance to aged Assistance to blind Assistance to disabled Crime victims compensation Social security Unemployment compensation Workers’ compensation |
43-9-19 43-3-71 43-29-15 99-41-23 25-11-129 71-5-539 71-3-43 |
| Tools of trade | SEE PERSONAL PROPERTY | |
| Wages | Earned but unpaid wages owed for 30 days; after 309 days, minimum 75% (bankruptcy judge may authorize more for low income debtors) | 85-3-4 |
| WILD CARD | SEE PERSONAL PROPERTY | |
Thursday January 12, 2006