Can I Keep My Home If I File Bankruptcy in Mississippi?

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Can I Keep My Home If I File Bankruptcy in Mississippi?

Mississippi law allows for a homestead exemption of $75,000 if the homeowner owns land and buildings and uses the building as his or her primary residence. Homeowners who own other structure such as a mobile home or manufactured house are entitled to a homestead exemption in the lesser amount of $30,000.

The homeowner is entitled to protect equity up to the amount of the applicable homestead exemption from unsecured creditors. As long as the homeowner can continue to make regular mortgage payments and does not own significantly more equity than that allowed by the applicable homestead exemption, the bankruptcy court is likely to allow the homeowner to keep his or her home in a bankruptcy proceeding.

Other Mississippi Foreclosure FAQs

Q: Does Mississippi Law Allow for a Redemption Period After a Foreclosure?
A: No, Mississippi law does not provide borrowers with a right of redemption following a foreclosure. More
Q: Where and When do Foreclosure Sales Take Place in Mississippi?
A: Typically, a property foreclosure sale in Mississippi occurs between the hours of 11 am and 4 pm at the courthouse. However, the time and location of the sale … More
Q: What Public Notice Requirements are There for a Real Estate Foreclosure in Mississippi?
A: If a mortgage agreement contains a power of sale clause then a Mississippi lender is required to provide the following types of public notice concerning an intended … More
Q: Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Mississippi?
A: Yes, it is possible for a lender to sue a borrower for a deficiency judgment in Mississippi. The lender is entitled to sue for the difference between the amount … More
Q: How Can a Lender Foreclose on a Property in Mississippi?
A: Some Mississippi mortgages contain a power of sale clause. Lenders who enter mortgage agreements with a power of sale clause can foreclose on a property by … More
Q: How Long Does the Typical Foreclosure Process Take in Mississippi?
A: Most Mississippi foreclosures occur outside of the judicial system. This allows a lender to foreclose on a property in as little as 2 months if the foreclosure … More