Bankruptcy by State
Bankruptcy in Mississippi
How Mississippi's bankruptcy exemptions, Chapter 7 income limits, and filing volume compare to the rest of the country.
Homestead exemption
$75,000
#21 of 51
Vehicle exemption
—
Wildcard may apply
Median income (1 person)
$53,978
Chapter 7 means-test threshold
Annual filings
9,791
Year 2025
Mississippi vs. national medians
National medians are calculated across all 51 states plus the District of Columbia. Ranks run from #1 (highest) to #51 (lowest). Where a state publishes a range or a conditional amount, the exemption is shown in full and ranked by its guaranteed minimum.
| Metric | Mississippi | National median | Rank |
|---|---|---|---|
| Homestead exemption | $75,000 | $90,000 | #21 of 51 |
| Motor vehicle exemption | — | $7,250 | — |
| Median income (1-person household) | $53,978 | $71,745 | #51 of 51 |
| Median income (4-person household) | $97,464 | $126,058 | #49 of 51 |
| Annual bankruptcy filings | 9,791 | 8,707 | #23 of 51 |