Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are certain assets that you cannot keep after filing for bankruptcy in Mississippi. These assets are referred to as “exempt assets” and are protected from creditors when you file for bankruptcy. Some exempt assets in Mississippi include your primary vehicle, household furnishings, clothing, tools of trade, jewelry up to a certain value, financial accounts such as Social Security and veterans’ benefits, public assistance, and alimony or child support. However, asset exemptions are often limited by state statutes. In Mississippi, you may not be able to exempt more than $5,000 in equity in your home, or more than $1,500 in wages earned within 60 days prior to filing. You may also not be able to keep certain assets such as luxury items, vacation homes, and investments. Even if the assets are exempt, if you have too much of them, you will not be able to keep them. In addition, assets you acquire after filing for bankruptcy in Mississippi are not protected from creditors. Anything you acquire after filing—even if it is an exempt asset—will be seized and sold to pay off your debts. This includes any property or money you receive as gifts or inheritances. For more information on which assets you can keep after filing for bankruptcy in Mississippi, you should contact a qualified bankruptcy attorney.

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Are there any assets that I cannot keep after filing for bankruptcy?

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