Mississippi Bankruptcy Exemptions 2020
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Written by Upsolve Team.
Updated October 21, 2020
It's important to understand what the exemptions for Mississippi are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Mississippi allow federal exemptions?
Mississippi does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Mississippi Exemptions
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
MS Code § 21-29-257
Most people use MS Code § 21-29-257 to cover police officer retirement benefits. firefighters pensions. For single debtors filing, it has no coverage limit.
MS Code § 25-11-129
Most people use MS Code § 25-11-129 to cover public employee retirement and disability benefits. For single debtors filing, it has no coverage limit.
MS Code § 25-11-201 (1)(d)
Most people use MS Code § 25-11-201 (1)(d) to cover teacher retirement benefits. For single debtors filing, it has no coverage limit.
MS Code § 25-11-319
Most people use MS Code § 25-11-319 to cover legislator retirement. For single debtors filing, it has no coverage limit.
MS Code § 25-11-419
Most people use MS Code § 25-11-419 to cover university employees optional benefits. For single debtors filing, it has no coverage limit.
MS Code § 25-13-31
Most people use MS Code § 25-13-31 to cover highway patrol retirement. For single debtors filing, it has no coverage limit.
MS Code § 25-14-5
Most people use MS Code § 25-14-5 to cover state employee benefits. For single debtors filing, it has no coverage limit.
MS Code § 43-3-71
Most people use MS Code § 43-3-71 to cover assistance to blind. For single debtors filing, it has no coverage limit.
MS Code § 43-9-19
Most people use MS Code § 43-9-19 to cover old age assistance. For single debtors filing, it has no coverage limit.
MS Code § 71-1-43
Most people use MS Code § 71-1-43 to cover private pension plans. For single debtors filing, it has no coverage limit.
MS Code § 71-3-43
Most people use MS Code § 71-3-43 to cover workers compensation. For single debtors filing, it has no coverage limit.
MS Code § 71-5-539
Most people use MS Code § 71-5-539 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
MS Code § 83-29-39
Most people use MS Code § 83-29-39 to cover fraternal society benefits. For single debtors filing, it has no coverage limit.
MS Code § 83-7-5; MS Code § 85-3-11
Most people use MS Code § 83-7-5; MS Code § 85-3-11 to cover life insurance proceeds. For single debtors filing, it has no coverage limit.
MS Code § 85-3-1
Most people use MS Code § 85-3-1 to cover earned income credit, tax refunds from the earned income credit. For single debtors filing, it has a coverage limit of $5,000.
MS Code § 85-3-1 (b) (i)
Most people use MS Code § 85-3-1 (b) (i) to cover proceeds on exempt property. For single debtors filing, it has no coverage limit.
MS Code § 85-3-1 (b) (ii)
Most people use MS Code § 85-3-1 (b) (ii) to cover disability benefits. For single debtors filing, it has a coverage limit of $4,000.
MS Code § 85-3-1 (d)
Most people use MS Code § 85-3-1 (d) to cover motor home (one). For single debtors filing, it has a coverage limit of $30,000. This exemption has a limit to the number of assets it can cover.
MS Code § 85-3-1 (f)
Most people use MS Code § 85-3-1 (f) to cover education savings plan. For single debtors filing, it has no coverage limit.
MS Code § 85-3-1 (g)
Most people use MS Code § 85-3-1 (g) to cover state health saving accounts. For single debtors filing, it has no coverage limit.
MS Code § 85-3-1 (j)
Most people use MS Code § 85-3-1 (j) to cover federal tax refund. For single debtors filing, it has a coverage limit of $5,000.
MS Code § 85-3-1 (k)
Most people use MS Code § 85-3-1 (k) to cover state tax refund. For single debtors filing, it has a coverage limit of $5,000.
MS Code § 85-3-1(e)
Most people use MS Code § 85-3-1(e) to cover qualified retirement plan. For single debtors filing, it has no coverage limit. This exemption has a limit to the number of assets it can cover.
MS Code § 85-3-17
Most people use MS Code § 85-3-17 to cover personal injury judgment. For single debtors filing, it has a coverage limit of $10,000.
MS Code § 85-3-4
Most people use MS Code § 85-3-4 to cover unpaid wages for 30 days, and thereafter 75% of earnings or 30 times federal minimum hourly wage. For single debtors filing, it has no coverage limit.
MS Code § 99-41-23 (8)
Most people use MS Code § 99-41-23 (8) to cover crime victim compensation. For single debtors filing, it has no coverage limit.
MS Code § 21-29-51
Most people use MS Code § 21-29-51 to cover municipal employees benefits. For single debtors filing, it has no coverage limit.
MS Code § 85-3-1 (a)
Most people use MS Code § 85-3-1 (a) to cover wildcard. For single debtors filing, it has a coverage limit of $10,000.
