| Attention: All 94-bankruptcy
districts charge the same filing fees. Chapter 7: $299 Chapter 13: $274 |
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MISSISSIPPI EXEMPTION LISTHow to use this table of exemptions, by Attorney Thomas A. Prediletto. The following is a summary of the Mississippi exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. However, if your residence has not been continuously in the state of Mississippi for the two years prior to filing a bankruptcy petition, there are laws that apply as to which state or federal exemptions may be used. Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a “matching” exemption. Some state exemptions contain a “wildcard” which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt. The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors. By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors. The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home. Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption. |
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| Description | LAW |
Max Individual Amount |
Max Joint Amount |
| Any Property - Resident Debtor 70+ Years Old | MCA § 85-3-1(g) | $50,000.00 | $100,000.00 |
| Benefits Under Optional Retire. Plan For Universities And Colleges | MCA § 25-11-409 | UNLIMITED | |
| Blind Persons Aid | MCA § 43-3-71 | UNLIMITED | |
| Certificate Of Title - Vehicle, Manuf. Home, or Mobile Home | MCA § 63-21-19 | UNLIMITED | |
| Crime Victims’ Compensation | MCA § 99-41-23(7) | UNLIMITED | |
| Deferred Compensation (Government Employees) | MCA § 25-14-54 | UNLIMITED | |
| Descent of Exempt Property | MCA § 91-1-19 | UNLIMITED | |
| Disability Insurance Income | MCA § 85-3-1(b)(ii) | UNLIMITED | |
| Disability/Retirement Benefits - Fire, Police | MCA § 21-29-257 | UNLIMITED | |
| Disabled Persons Aid | MCA § 43-29-15 | UNLIMITED | |
| Earned Income Tax Credit | MCA § 85-3-1(h) | $5,000.00 | $10,000.00 |
| Employee Trust Plan Benefits | MCA § 71-1-43 | UNLIMITED | |
| Fraternal Benefit Society Benefits | MCA § 83-29-39 | UNLIMITED | |
| Health Savings Account | MCA § 85-3-1(f) | UNLIMITED | |
| Health Savings Account Assets | MCS § 85-3-1(f) | UNLIMITED | |
| Highway Safety Retirement Benefits | MCA § 25-13-31 | UNLIMITED | |
| Homestead | MCA § 85-3-21 | $75,000.00 | $150,000.00 |
| Housing Authority Property | MCA § 43-33-33 | UNLIMITED | |
| Insurance Proceeds From Exempt Prop. | MCA § 85-3-1(b)(i) | UNLIMITED | |
| Insurance Proceeds From Homestead | MCA § 85-3-23 | $75,000.00 | $150,000.00 |
| Insurance Proceeds In Hands Of Ins. Co. | MCA § 83-7-5 | UNLIMITED | |
| Life Ins. - Cash /Loan Value | MCA § 85-3-11 | $50,000.00 | $100,000.00 |
| Life Ins. Proceeds | MCA § 85-3-13 | $50,000.00 | $100,000.00 |
| Mobile Home, Trailer, Manufactured Housing | MCA § 85-3-1(d) | $30,000.00 | $60,000.00 |
| Motor Vehicle Financial Responsibility Deposits | MCA § 63-15-51 | UNLIMITED | |
| Old Age Assistance Payments | MCA § 43-9-19 | UNLIMITED | |
| Pension, Profit-sharing, Stock Bonus, Retirement Plan | MCA § 85-3-1(b)(iii) | UNLIMITED | |
| Personal Injury Proceeds | MCA § 85-3-17 | $10,000.00 | $20,000.00 |
| Personal Property - Tangible | MCA § 85-3-1(a) | $10,000.00 | $20,000.00 |
| Personal Property Selected By Debtor | MCA § 85-3-23 | $250.00 | $500.00 |
| Prop. Collection - Contempt Of Court | MCA § 85-3-1(c) | UNLIMITED | |
| Property Of Local Or Regional Railroad Authority | MCA § 19-29-41 | UNLIMITED | |
| Qualified Retirement Plan | MCA § 85-3-1(e) | UNLIMITED | |
| Retirement Benefits - Municipal Employees | MCA § 21-29-307 | UNLIMITED | |
| Retirement Benefits - Public Employees | MCA § 25-11-129 | UNLIMITED | |
| Retirement Benefits - Teachers | MCA § 25-11-201 | UNLIMITED | |
| Specific Partnership Property (repealed 1/1/07) | MCA § 79-12-49 | UNLIMITED | |
| Supplemental Legislative Retirement Plan | MCA § 25-11-319 | UNLIMITED | |
| Tax Refund Proceeds - Federal | MCA § 85-3-1(i) | $5,000.00 | $10,000.00 |
| Tax Refund Proceeds - State | MCA § 85-3-1(j) | $5,000.00 | $10,000.00 |
| Unemployment Compensation Benefits | MCA § 71-5-539 | UNLIMITED | |
| Wages, Salaries Etc. For Services | MCA § 85-3-4 | UNLIMITED | |
| Workmen's Compensation Benefits | MCA § 71-3-43 | UNLIMITED |
