Bankruptcy Exemptions in Mississippi
What property you can keep in bankruptcy in Mississippi: homestead, vehicle, wildcard and retirement exemptions, and whether you can choose the federal exemptions.
Short answer: Mississippi filers must use Mississippi exemptions: "residents of the State of Mississippi shall not be entitled to the federal exemptions" in 11 U.S.C. 522(d). Miss. Code Ann. § 85-3-2
| State or federal exemptions | Mississippi filers must use Mississippi exemptions: "residents of the State of Mississippi shall not be entitled to the federal exemptions" in 11 U.S.C. 522(d). Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-2 |
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| Homestead exemption | Up to $75,000 in value (including improvements, after existing encumbrances), on no more than 160 acres of land. Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-21 |
| Car exemption | No separate vehicle amount. Motor vehicles are one of the categories of tangible personal property (with household goods, tools of the trade, cash on hand, health aids and items under $200) that a debtor may select up to a combined $10,000. Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-1(a) |
| Wildcard exemption | The $10,000 tangible personal property exemption lets the debtor choose among the listed categories (including cash on hand). A Mississippi resident 70 or older may also exempt an additional $50,000 in property of any type. Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-1(a), (h) |
| Retirement accounts | Assets in, and money payable from, qualified retirement arrangements (including 401(a), 403(a), 403(b) and 457(b) plans, IRAs, Roth IRAs and SEPs) are exempt, whether vested or not. Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-1(e) |
| Wages | Wages are exempt from attachment, execution or garnishment for 30 days after a writ is served; after that, no more than the lesser of 25% of weekly disposable earnings or the amount above 30 times the federal minimum hourly wage can be taken (support orders and state or local tax debts excepted). Read on FindLaw ("Current as of January 01, 2025"), a mirror permitted for Mississippi; verify against the official Mississippi Code. Source: Miss. Code Ann. § 85-3-4(1)-(3) |
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FAQ
Can you use the federal bankruptcy exemptions in Mississippi?
Mississippi filers must use Mississippi exemptions: "residents of the State of Mississippi shall not be entitled to the federal exemptions" in 11 U.S.C. 522(d).
How much home equity is protected in bankruptcy in Mississippi?
Up to $75,000 in value (including improvements, after existing encumbrances), on no more than 160 acres of land.
Can I keep my car in bankruptcy in Mississippi?
No separate vehicle amount. Motor vehicles are one of the categories of tangible personal property (with household goods, tools of the trade, cash on hand, health aids and items under $200) that a debtor may select up to a combined $10,000.
Does Mississippi have a wildcard exemption?
The $10,000 tangible personal property exemption lets the debtor choose among the listed categories (including cash on hand). A Mississippi resident 70 or older may also exempt an additional $50,000 in property of any type.
Are retirement accounts protected in bankruptcy in Mississippi?
Assets in, and money payable from, qualified retirement arrangements (including 401(a), 403(a), 403(b) and 457(b) plans, IRAs, Roth IRAs and SEPs) are exempt, whether vested or not.
Are wages protected in bankruptcy in Mississippi?
Wages are exempt from attachment, execution or garnishment for 30 days after a writ is served; after that, no more than the lesser of 25% of weekly disposable earnings or the amount above 30 times the federal minimum hourly wage can be taken (support orders and state or local tax debts excepted).
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.