What can I keep if I have not lived in MS for 2 years?

If you moved to Mississippi within 730 days prior to the filing of a bankruptcy petition, then you have to look at where you lived during the 180 days (approximately 6 months) prior to the date that is 730 days (approximately 2 years) before the filing date.  The state that you lived in more than any other during that 6 months period controls what exemptions you use.

Some states allow federal exemptions for anyone, and most of the states that limit the use of federal exemptions still allow you to claim federal exemptions if you are not a resident of that state.  If you now live in Mississippi, then you are not a resident of the prior state any more, thus in the vast majority of cases, you can use the exemption scheme of the prior state in which you resided or you can use federal exemptions to claim the items that you can keep.

There are a few states, such as Alabama and Missouri, that do not allow the use of federal exemptions at all.  Thus, if you have moved from one of those states in the past two years, then you will probably be required to used the specific state exemptions allowed in that state.

The most commonly used FEDERAL EXEMPTIONS LAWS under 11 U.S.C. § 522 are:

Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986. (Note:  this exemption applies in all states in all cases and was added by the Bankruptcy Reform Act of 2005.)

In each of the following exemptions, the amounts can be doubled if a husband and wife are filing jointly, or in the alternative, each of them can claim up to the total of the allowed exemption.  Example, a husband can claim one vehicle as exempt under 522(d)(2) and his wife can claim a second vehicle as exempt under that statute.

(2) Up to  $3,225.00  in value, in one motor vehicle.  11 U.S.C. 522(d)(2)  It is not uncommon for a debtor to have equity in a vehicle that exceeds $3225.00.  However, the excess value can be claimed exempt under the Wild Card exemption set out below.

(3) Up to $525 in value in any particular item or $10,775 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.   Most items owned by a debtor such as furniture and appliances will be worth less than $525.00 as used items and it is extremely rare for debtors to own more than $10,775.00 in total value (or $21,550.00 total value for a husband and wife filing jointly).  11 U.S.C. §522(d)(3)

(4) Up to $1,350.00 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.  11 U.S.C. § 522(d)(4)  (See Wild Card exemption if jewelry values exceed $1,350.00.)

(5) Wild Card exemption:  Up to $1,075 .00 in value plus up to $10,125.00  of any unused amount of the exemption provided under paragraph (1) of this subsection.  This means that if you have not used the full amount of the exemption allowed for your residence, then you can use up to $10,125.00 of that exemption as a wild card exemption plus the $1,075.00 that everyone is allowed.  Example:  If a single bankruptcy filer lives in a home worth $100,000.00 with a $85,000.0 mortgage, then he/she will use $15,000.00 of the $20,200.00 exemption for his/her personal residence leaving $5,200.00 for the wild card.  Then that person will have $5,200.00 plus $1,075.00 for a total of $6,275.00 in value to use on any item or items that he/she chooses.)  11 U.S.C. § 522(d)(5)

(6) Up to $2,025 in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.  11 U.S.C. § 522(d)(6)

(8) The debtor’s right to receive: 1) a social security benefit, unemployment compensation, or a local public assistance benefit; 2) a veterans’ benefit; 3) a disability, illness, or unemployment benefit; d) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.  11 U.S.C. § 522(d)(10)

(9) a payment, not to exceed $20,200.00,  on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.  11 U.S.C. § 522(d)(10)