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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.