Mississippi Bankruptcy Exemptions
New Mississippi Bankruptcy Information to our friends in the gulf coast area of Mississippi considering filing chapter 7 bankruptcy. Due to the devastation caused by hurricane Katrina, the Mississippi Bankruptcy Courts have temporarily waived the new bankruptcy law requirements for your area.
You will still be required to use the new Mississippi Bankruptcy Forms to File Bankruptcy in Mississippi
The U.S. Trustee Program will terminate the waiver in the Middle and Western Districts of Louisiana and the Southern District of Mississippi effective March 10, 2008.
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FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All Bankruptcy law references are to Mississippi Code unless noted. |
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ASSET |
EXEMPTION |
LAW PROVISION |
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HOMESTEAD
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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 |
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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 |
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MISCELLANEOUS |
Property of business partnership |
79-12-49 |
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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) |
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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) |
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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 |
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TOOLS OF TRADE |
SEE PERSONAL PROPERTY |
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WAGES |
Earned but unpaid wages owed for 30 days; after 30 days, minimum 75% (bankruptcy judge may authorize more for low income debtors) |
85-3-4 |
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WILD CARD |
SEE PERSONAL PROPERTY |
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Miss.Bankruptcy Courts
See the list below for Bankruptcy Courts by District. Click on the District link to go directly to that Bankruptcy Court's web site.
| BANKRUPTCY COURTS |
NUMBER OF COPIES |
Northern District
(mailing address)
P.O. Drawer 867
Aberdeen, MS 39730
(physical address)
301 West Commerce St.
Aberdeen, MS 39730-0867
Telephone: (601) 369-2596
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contact clerks office |
Southern District
Jackson Division
P.O. Drawer 2448 39225
100 East Capitol St.Room 101
Jackson, MS 39201
Telephone: (601) 965-5301
Biloxi Division
P.O. Box 1280
725 Lashington Loop, Ste. 117
Biloxi, MS 39530
Telephone: (601) 432-5542
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contact clerks office
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