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The terms of qualifying under Mississippi homestead exemption laws
include three essential factors to preserve statutory protection, and
avoid forfeiture in Chapter 7 bankruptcy cases:
- The property must be used as a primary residence.
- Property may not be over $75,000 fair market appraisal of equity
possessed.
- No more than 160 acres may be claimed as exempt.
In addition to the terms of the Mississippi Homestead Exemption Act,
the Federal Bankruptcy Code requires each item of property claimed as
exempt must appear within the form schedule H. Merely filing a Mississippi homestead exemption form
with the County Clerk is not sufficient to protect homes in a bankruptcy
proceeding. For more information, contact a qualified Mississippi
bankruptcy attorney.
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