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;

• The proceeds of insurance based on exemption from execution or attachment;

• 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.