Mississippi, MS Bankruptcy Exemptions

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The Essential Mississippi Bankruptcy Information Guide

Mississippi Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Mississippi Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Minnesota Bankruptcy Exemptions

All law references are to Minnesota Bankruptcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
Homestead	$75,000, but cannot exceed 160 acres. Must occupy at time of filing bankruptcy, unless you are widowed or over 60 and married or widowed; sales proceeds exempt	85-3-21
	Sales proceeds exempt	85-3-23
Insurance	Disability benefits	85-3-1
	Fraternal benefit society benefits	85-29-39
	Homeowner’s insurance proceeds to $75,000	85-3-23
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	83-7-5
Miscellaneous	Property of business partnership	79-12-49
Pensions	ERISA-qualified benefits deposited over 1 year before filing	85-3-1(b)(iii)
	Firefighters	21-29-257
	Highway patrol officers	25-13-31
	IRAs deposited over 1 year before filing bankruptcy	85-3-1(b)(iii)
	Keoughs deposited over 1 year before filing bankruptcy	85-3-1(b)(iii)
	Private retirement benefits	71-1-43
	Police officers	21-29-257
	Public employees retirement & disability benefits	25-11-129
	State employees	25-14-5
	Teachers	25-11-201(1)(d)
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	Volunteer firefighters' and law enforcement officers' death benefits.	45-2-1
Personal Property	Tangible personal property of any kind to $10,000	85-3-1(a)
	Personal injury judgments to $10,000	85-3-17
	Proceeds for exempt property	85-3-1
	Clothing, furniture, appliances, 1 radio and 1 television, 1 firearm, 1 lawn mower, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the debtor and dependents, but not works of art, other electronic entertainment equipment, jewelry (other than wedding rings), and items acquired as antiques; books; animals; crops; motor vehicles; cash on hand; health aids; and any item of tangible personal property worth less than $200;mobile home up to $20,000.	85-3-1
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 30 days, the greater of the following: minimum 75% of unpaid weekly earnings or 30 times the federal minimum hourly wage; judge may allow more for low income debtors.	85-3-4
WILD CARD	SEE PERSONAL PROPERTY

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