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Mississippi STATE LAW

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

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One party state

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]