Mississippi is an opt-out state, meaning most debtors filing for bankruptcy in Mississippi use the **Mississippi** exemptions. Certain federal protections (like Social Security, ERISA retirement, etc.) still apply. Below is an overview of commonly used **Mississippi** exemptions and relevant code sections. Always consult a licensed Mississippi bankruptcy attorney or the official **Mississippi Code** for the latest amounts and any updates.
| Asset / Type of Property | Exemption Description | Statute / Code | Notes |
|---|---|---|---|
| Homestead | Up to \$75,000 in equity (generally). Cannot exceed 160 acres. Sales proceeds also exempt for a limited time. Spouse or child of deceased owner can claim. Over 60 & married or widowed may have special rules. | Miss. Code §§ 85-3-1(b)(i), 85-3-21, 85-3-23; 85-3-27, 85-3-31 | Homestead declaration may be filed before bankruptcy. |
| Disability Benefits | Fully exempt. | Miss. Code § 85-3-1(b)(ii) | |
| Fraternal Benefit Society Benefits | Fully exempt. | Miss. Code § 83-29-39 | |
| Homeowner’s Insurance Proceeds | Up to **\$75,000** if property is damaged/destroyed. | Miss. Code § 85-3-25 | |
| Life Insurance Proceeds (Anti-Creditor Clause) | Exempt if policy prohibits proceeds from paying beneficiary’s creditors. | Miss. Code § 83-7-5 | |
| Property of Business Partnership | Protected from partners’ individual creditors. | Miss. Code § 79-12-49 | |
| ERISA-Qualified Benefits (1+ year before filing) | Exempt if contributions made 1+ years prior to bankruptcy. | Miss. Code § 85-3-1(b)(iii) | |
| Firefighters | Pension/retirement benefits exempt. | Miss. Code references TBA? (Given as none in text, possibly local code?) | Possibly local or older references; check current code. |
| Highway Patrol Officers | Exempt retirement benefits. | Miss. Code references TBA? (Given as none in text, possibly local code?) | |
| IRAs (1+ year before filing bankruptcy) | Exempt if contributions made at least 1 year prior. | Miss. Code § 85-3-1(b)(iii) | |
| Keoghs (1+ year before filing) | Exempt if contributions made 1+ years prior. | Miss. Code § 85-3-1(b)(iii) | |
| Private Retirement Benefits (Tax-Deferred) | Exempt to the extent tax-deferred. | Miss. Code § 71-1-43 | |
| Police Officers | Pension benefits exempt (likely local code?). | Possibly Miss. Code §§ 21-29-257, etc. | |
| Public Employees Retirement & Disability | Exempt retirement benefits. | Miss. Code § 25-11-129 | |
| State Employees, Teachers | Exempt retirement benefits. | Miss. Code §§ 25-14-5, 25-11-201(1)(d) | |
| Tangible Personal Property of Any Kind | Up to \$10,000 total value. | Miss. Code § 85-3-1(a) | This can include furniture, appliances, etc. |
| Personal Injury Judgments | Up to **\$10,000** exempt. | Miss. Code § 85-3-17 | |
| Proceeds for Exempt Property | Proceeds remain exempt if they come from the sale or destruction of exempt property. | Miss. Code § 85-3-1(b)(i) | |
| Assistance to Aged, Blind, Disabled | Fully exempt. | Miss. Code §§ 43-9-19, 43-3-71, 43-29-15 | |
| Crime Victims’ Compensation | Fully exempt. | Miss. Code § 99-41-23 | |
| Social Security | Fully exempt. | Miss. Code § 25-11-129 | Possibly referencing general policy; check federal law as well. |
| Unemployment Compensation | Fully exempt. | Miss. Code § 71-5-539 | |
| Workers’ Compensation | Fully exempt. | Miss. Code § 71-3-43 | |
| Tools of Trade | Covered under “tangible personal property \$10,000 limit” (Miss. Code § 85-3-1(a)). | -- | No separate category; included in \$10,000 personal property. |
| Wages | Earned but unpaid wages for **30 days** are fully exempt; after 30 days, minimum 75% exempt (judge can allow more if low income). | Miss. Code § 85-3-4 | |
| Wildcard | None outside the **\$10,000** personal property exemption in Miss. Code § 85-3-1(a). | -- |
This information is for general educational purposes only and does not constitute legal advice. Mississippi’s exemption laws and amounts may change, and interpretations can vary by court. Always consult a licensed Mississippi bankruptcy attorney or the official Mississippi Code for the most current details applicable to your situation.