Mississippi bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Mississippi bankruptcy district courts are located in eight places under the two group regions – Mississippi Northern District Court and Mississippi Southern District Court.
Properties Exemptions Under The Mississippi Bankruptcy Laws
As per the Mississippi bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Mississippi bankruptcy district courts.
•Homestead Exemptions include real and mobile properties up to the amount of seventy-five thousand dollars. As per the Mississippi bankruptcy laws, there are certain area restrictions as well. For example, you cannot exempt more than 160 acres of homestead properties.
•Insurance Exemptions include fraternal benefit society benefits, disability benefits, and specific Life insurance proceeds. However, proceeds for homeowner’s insurance are exempted up to 75000 dollars.
•Properties that you are using in a business partnership are also exemptible under the Mississippi bankruptcy laws.
•Pension funds are also exempted under the Mississippi bankruptcy laws, but only following individuals are eligible for such exemptions.
◦Firefighters
◦Police officers
◦Highway patrol officers
◦State employees
◦Teachers
◦Public employees – only retirement & disability benefits
•Exemptible pension funds also include ERISA-qualified benefits and IRAs, but the same must be older than one year from the date of filing bankruptcy.
•Any types of tangible properties that you own are also exemptible under Mississippi bankruptcy laws, but only up to the amount of 1000 dollars.
•The amount of exemptible personal injury judgments is also ten thousand dollars.
•Exemptible tools of trade properties have not been mentioned separately and they are covered under the personal property exemptions.
•Wild Card exemptions are also allowed, but they are covered under the personal properties exemptions defined by the Mississippi bankruptcy laws.