Updated: 2021-01-03 by
Property you own & occupy to $75,000; if over 60 and married or widowed may claim a former residence; property cannot exceed 160 acres; sale proceeds exempt
Mobile home (as personal property) to $30,000 (Mobile home does not qualify as homestead unless you own land on which it is located)
NOTE: Residency Requirement Caps Maximum Homestead at $160,375 if you've recently moved to a State that allows more than that
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
Federal Non-Bankruptcy Homestead Exemptions (available in every State)
These are exemptions under federal law, and not part of the bankruptcy code, so states cannot "opt out" from these exemptions.-
US Bankruptcy Code § 522(d) Homestead Exemption
Can a Mississippi debtor use the Federal Bankruptcy exemptions instead of Mississippi exemptions?
No. Miss. Code Ann. § 85-3-2.
The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if
- you haven't lived in any state longer than 180 days for a while,
- if your state allows the Federal exemptions as a choice.
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Almost every state has an exemption for "any property" which is sometimes called the "wildcard" or "grubsteak" exemption. Generally this exemption is useful because it can be combined with other exemptions to fully protect equity that might otherwise go unprotected.
How much equity in your car or truck can you protect if you file for bankruptcy in Mississippi?