What Creditors Can't Take in Mississippi
Money, home and vehicle exemptions that protect your property from creditors in Mississippi.
Short answer: No separate bank account exemption. A debtor may choose up to $10,000 in total of certain personal property, which includes cash on hand, motor vehicles, household goods and tools of the trade. Retirement plan assets are exempt. Miss. Code Ann. § 85-3-1(a), (e)
| Money protected in a bank account | No separate bank account exemption. A debtor may choose up to $10,000 in total of certain personal property, which includes cash on hand, motor vehicles, household goods and tools of the trade. Retirement plan assets are exempt. Verified on public mirror (FindLaw). Federal benefits deposited directly are protected under 31 CFR Part 212. Source: Miss. Code Ann. § 85-3-1(a), (e) |
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| Homestead exemption | Up to $75,000 in equity (value minus mortgages, taxes and other liens) in land and buildings owned and lived in as a residence by a householder, up to 160 acres. A mobile home used as a primary residence can instead be exempt up to $30,000 in equity. Verified on public mirror (FindLaw); official code is LexisNexis-only. A spouse or widow(er) over 60 who has claimed the exemption keeps it even if not living there. |
| Vehicle exemption | No separate vehicle exemption. Motor vehicles are covered by the $10,000 total personal property exemption the debtor selects (shared with household goods, tools and cash on hand). Verified on public mirror (FindLaw). Source: Miss. Code Ann. § 85-3-1(a)(ii) |
| Bankruptcy exemptions | Mississippi is an opt-out state: residents may not use the federal bankruptcy exemptions and must use Mississippi's exemptions. Verified on public mirror (FindLaw); official code is LexisNexis-only. Source: Miss. Code Ann. § 85-3-2 |
More Mississippi debt & collections
- Statute of Limitations on Debt in Mississippi
- Wage Garnishment in Mississippi
- How to Respond to a Debt Collection Lawsuit in Mississippi
- All Mississippi debt & collections rules
FAQ
How much money in a bank account is protected from creditors in Mississippi?
No separate bank account exemption. A debtor may choose up to $10,000 in total of certain personal property, which includes cash on hand, motor vehicles, household goods and tools of the trade. Retirement plan assets are exempt.
What is the homestead exemption in Mississippi?
Up to $75,000 in equity (value minus mortgages, taxes and other liens) in land and buildings owned and lived in as a residence by a householder, up to 160 acres. A mobile home used as a primary residence can instead be exempt up to $30,000 in equity.
Can a creditor take my car in Mississippi?
No separate vehicle exemption. Motor vehicles are covered by the $10,000 total personal property exemption the debtor selects (shared with household goods, tools and cash on hand).
Which bankruptcy exemptions can I use in Mississippi?
Mississippi is an opt-out state: residents may not use the federal bankruptcy exemptions and must use Mississippi's exemptions.
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.