Running Your Business

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Mississippi Asset Protection Laws

Filed under Running A Business.

These assets are exempted from a state court or bankruptcy proceeding in Mississippi.

Homestead: Real property up to $75,000, cannot exceed 160 acres. If over age 60 and married or widowed, debtor need not occupy property. Sale proceeds exempt.

Pensions and Retirement Benefits: ERISA-qualified benefits deposited over 1 year before filing. Funds exempt for firefighters, police officers, state employees and teachers. Roth IRAs and regular IRAs up to $1,095,000 per person.

Insurance: Disability benefits. Homeowner's insurance up to $75,000. Life insurance up to $50,000 if a clause prohibits payment to creditors. Fraternal society benefits.

Personal Property: Personal injury judgments if inherited by parent, spouse or child. Any tangible personal property up to $10,000 including household goods (excluding art, antiques, electronic equipment other than 1 television and 1 radio, and jewelry other than wedding rings), clothing, motor vehicles, trade implements, health aids and cash.

Tools of Trade: None.

Miscellaneous: Business partnership property.

Wages: All wages exempt for 30 days; thereafter greater of 75% of weekly disposable earnings or excess of disposable earnings over 30 times federal minimum wage. Exemptions do not apply to tax debts. For support claims, only 50% exempt; for debtor supporting other spouse or dependent, otherwise 40%.

Public Benefits: Social Security. Unemployment compensation. Workers' compensation. Aid to aged, blind and disabled.

Wild Card: Up to $50,000 if over age 70.

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