601-845-WARE (9273)

Bankruptcy in Mississippi


  • Bankruptcy is based on federal statutes; however, many exemptions are based on Mississippi law. Under Mississippi state laws, certain personal property is exempt from bankruptcy and seizure or attachment found in Miss. Code Sections 85-3-1 and 85-3-21.

  • A debtor may exempt any tangible personal property up to $10,000.00 in value to include:

    A) Household goods: clothing, furniture, appliances, one radio, one television, one firearm, one lawnmower, wedding rings, and certain kitchenware;

    B) Motor vehicles;

    C) Implements, professional books or tools of the trade;

    D) cash on hand (this is not cash in a bank account);

    E) professionally prescribed health aids;

    F) any items of tangible personal property worth less than two hundred dollars ($200.00) each;

  • Disability insurance income;


  • Pension, annuity, or profit-sharing plans held for retirement purposes or individual retirement account;

  • A mobile home used as primary residence not exceeding a value of Thirty Thousand Dollars ($30,000.00);

  • Assets in Health Savings account;

  • Money paid into or applied to higher education expenses at eligible educational institutions;

  • Up to Five Thousand Dollars ($5000.00) of earned income tax credit,

  • Up to Five Thousand Dollars ($5000.00) of federal tax refund;

  • Up to Five Thousand Dollars ($5000.00) of state tax refund.

  • As to real property, a debtor can exempt up to Seventy-five Thousand ($75,000.00) in value of his homestead. In order to file in Mississippi, a debtor must live in this state for 730 days (2 years) before filing. If the debtor did not live in a single state for the previous two (2) years, the homestead will be determined by where the debtor lived the majority of this period preceding the two year period.

  • In additions to all other exemptions listed above, an additional exemption of property having a value of Fifty Thousand Dollars ($50,000.00) of any type to include deposits of money to Mississippi who are seventy (70) years of age or older.

  • No matter whether you file Chapter 7 or 13, a debtor must initiate credit counseling prior to filing bankruptcy and prior to the discharge. The credit counseling can be done over the telephone or internet.