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WAGE GARNISHMENT EXEMPTION: Federal law applies MAXIMUM INTEREST RATE: Legal: 8% Judgment: Contract rate or court decides STATUTE OF LIMITATIONS ON ENFORCEMENT: Open Account (credit card): 3 years Written Contract: 3 years Domestic Judgment: 7 years Foreign Judgment: 7 years (3 years if resident) BAD CHECK LAW DAMAGES: If check amount $25 or less, double amount of check; if check amount $25.01 to $200, check amount plus 50% of check amount; if check amount above $200, check amount plus 25% of check amount BANKRUPTCY PROPERTY EXEMPTIONS (Mississippi Code): Cannot use federal exemptions, but can claim the federal non-bankruptcy exemptions The State of Mississippi exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Property: Property used as residence up to $75,000, but property cannot exceed 160 acres [85-3-21]; real estate insurance proceeds up to exemption amount [85-3-23] Personal Property: Tangible personal property, any type, up to $10,000 [85-3-1(a)]; proceeds from sale of exempt property up to exemption amount [85-3-1(b)(i)]; personal injury recoveries up to $10,000 [85-3-17] Insurance / Annuities: Disability benefits, unlimited amount [85-3-1(b)(ii)]; homeowners' insurance proceeds up to $75,000 [85-3-23]; fraternal society benefits, unlimited amount [83-29-39]; life insurance cash value up to $50,000 [85-3-11]; life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [83-7-5] Pensions / Retirement Plans: IRAs and Keoghs, unlimited amount, but must be deposited more than one year before filing bankruptcy [85-3-1(b)(iii)]; retirement benefits, unlimited amount if deposited more than one year before filing bankruptcy [85-3-1(b)(iii)]; private retirement benefits, unlimited amount if tax-deferred [71-1-43]; police officers and firefighters, unlimited amount [21-29-257]; highway patrol officers, unlimited amount [25-13-31]; public employees retirement and disability benefits, unlimited amount [25-11-129]; state employees, unlimited amount [25-14-5] and teachers, unlimited amount [25-11-201(1)(d)] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [71-5-539]; workers' compensation, unlimited amount [71-3-43], aid to aged, blind and disabled, unlimited amount [43-9-19, 43-3-71 and 43-29.15]; social security, unlimited amount [25-11-129]; crime victims compensation, unlimited amount [99-41-23] Wages: Earned but unpaid wages owed for 30 days, after 30 days 75% of wages due [85-3-4] Miscellaneous: Business partnership property, unlimited amount [79-12-49] |
Debt > State Statutes > Mississippi |
Debt > State Statutes > Mississippi |
Wage Garnishment and Bankruptcy Exemptions -- Mississippi |
WAGE GARNISHMENT EXEMPTION: Federal law applies MAXIMUM INTEREST RATE: Legal: 8% Judgment: Contract rate or court decides STATUTE OF LIMITATIONS ON ENFORCEMENT: Open Account (credit card): 3 years Written Contract: 3 years Domestic Judgment: 7 years Foreign Judgment: 7 years (3 years if resident) BAD CHECK LAW DAMAGES: If check amount $25 or less, double amount of check; if check amount $25.01 to $200, check amount plus 50% of check amount; if check amount above $200, check amount plus 25% of check amount BANKRUPTCY PROPERTY EXEMPTIONS (Mississippi Code): Cannot use federal exemptions, but can claim the federal non-bankruptcy exemptions The State of Mississippi exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Property: Property used as residence up to $75,000, but property cannot exceed 160 acres [85-3-21]; real estate insurance proceeds up to exemption amount [85-3-23] Personal Property: Tangible personal property, any type, up to $10,000 [85-3-1(a)]; proceeds from sale of exempt property up to exemption amount [85-3-1(b)(i)]; personal injury recoveries up to $10,000 [85-3-17] Insurance / Annuities: Disability benefits, unlimited amount [85-3-1(b)(ii)]; homeowners' insurance proceeds up to $75,000 [85-3-23]; fraternal society benefits, unlimited amount [83-29-39]; life insurance cash value up to $50,000 [85-3-11]; life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [83-7-5] Pensions / Retirement Plans: IRAs and Keoghs, unlimited amount, but must be deposited more than one year before filing bankruptcy [85-3-1(b)(iii)]; retirement benefits, unlimited amount if deposited more than one year before filing bankruptcy [85-3-1(b)(iii)]; private retirement benefits, unlimited amount if tax-deferred [71-1-43]; police officers and firefighters, unlimited amount [21-29-257]; highway patrol officers, unlimited amount [25-13-31]; public employees retirement and disability benefits, unlimited amount [25-11-129]; state employees, unlimited amount [25-14-5] and teachers, unlimited amount [25-11-201(1)(d)] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [71-5-539]; workers' compensation, unlimited amount [71-3-43], aid to aged, blind and disabled, unlimited amount [43-9-19, 43-3-71 and 43-29.15]; social security, unlimited amount [25-11-129]; crime victims compensation, unlimited amount [99-41-23] Wages: Earned but unpaid wages owed for 30 days, after 30 days 75% of wages due [85-3-4] Miscellaneous: Business partnership property, unlimited amount [79-12-49] |
Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve credit rating and reduce monthly payments by $200+ |
