What Are The Mississippi Bankruptcy Exemptions?
Mississippi law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so its wise to consult with a Mississippi bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Mississippi. In general, the major Mississippi bankruptcy exemptions include:
|GENERAL MISSISSIPPI EXEMPTIONS|
|Real Estate (the Homestead Exemption)
Up to $75,000 of equity in land and buildings can be protected; Up to $20,000 of equity in a mobile or manufactured home used as a primary residence can be protected.
There is no specific automobile exemption in Mississippi.
Tangible personal property of the following kinds not exceeding $10,000.00 in cumulative value: household goods, wearing apparel, books, animals or crops, motor vehicles, implements, professional books or tools of the trade, cash on hand, and professionally prescribed health aids; and any item of tangible personal property worth less than $200.
|Go to the complete list of Mississippi bankruptcy exemptions|
Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.
Which state’s exemption laws apply in your bankruptcy?
Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.
If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.
If application of the preceding general rules renders you ineligible for exemptions under any states laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.
Is Mississippi a Community Property State?
No, Mississippi is not a community property state. Because it is not a community property state, you will be responsible for your spouses debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.
How did your senator vote on the new bankruptcy laws?
Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?
Cochran (R-MS) – YEA
Lott (R-MS) – YEA
Mississippi Bankruptcy Court Locations:
United States Bankruptcy Court
Northern District of Mississippi
Thad Cochran U. S. Courthouse
703 Hwy 145 North
Aberdeen, MS 39730
100 East Capitol Street
Jackson, MS 39201
Dan M. Russell, Jr. U. S. Courthouse
2012 15th Street, Suite 244
Gulfport, MS 39501
Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.
Mississippi Bankruptcy Attorney Locations:
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