Judgments and Enforcement:

A money judgment generally becomes a lien on the property of the judgment debtor in the county in which it is enrolled, for a period of seven (7) years (Sections 15-1-43, 15-1-47), and may be renewed. (Section 11-7-201.) A judgment creditor is entitled to enforce a judgment by attaching the judgment debtor's real and non-exempt personal property including those that are in the possession of third parties of which the judgment debtor is entitled to immediate possession. Although Mississippi statutes permit wage garnishment, the amount permitted to be garnished generally may not exceed twenty-five percent (25%) of the debtor's disposable income for a workweek. (Section 85-3-4.)

The State of Mississippi permits limited use of the entry of a judgment by confession. A debtor may sign an "office confession of judgment", under oath, in the manner substantially conforms to the format and requirements provided under Section 11-7-181 of the Mississippi Code, in the clerk's office of the Circuit Court. Once such a judgment is filed with the clerk of the Court, it will become final and enforceable in the same manner as any judicial judgments unless it is tainted with fraud or usury. (Section 11-7-185.)

Foreign Judgments:

A judgment issued by other states the United States or of any other court is entitled to full faith and credit in the same manner as a judgment rendered by the Courts of Mississippi. A creditor may seek the enforcement of a foreign judgment by filing an authenticated copy of the foreign state judgment and an affidavit setting forth the name and last known post office address of the judgment debtor and creditor. Notice must generally be given by the Clerk of the Court to the judgment debtor prior to any enforcement proceedings. Generally, no execution or other process for enforcement may be commenced until twenty (20) days after the date the foreign judgment is filed. (Section 11-7-305.)

Interest: 

Legal Rate: 8% per annum or on all notes, accounts and contracts if no specific rate is agreed upon. (Section 75-17-1(1).)

Contract Rate: 10% or 5% above the discount rate, whichever is the greater, per annum on any loan or other extension of credit. "Discount rate" refers to the rate on ninety-day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve district where the lender is located. (Section 75-17-1(2),)

Other Rates: Any borrower or debtor may contract and agree, in writing, to pay a lender or extender of credit any finance charge at a rate in excess of the legal rate or contract rate if the sum financed is over $2,000.00.

Judgment Rate: All money judgments are entitled to interest either at the rate specified under the contract upon which the debt is derived, or at a rate to be set by the Judge, which is generally the legal rate of 8%.

A debtor generally may claim exemption of his homestead and certain personal property from execution of a judgment against him or in a bankruptcy proceeding. Mississippi statutes permits every citizen to claim exemption from execution or attachment his homestead up to a value of seventy-five thousand dollars ($75,000.00) and selection of certain personal property up to a value of two hundred fifty dollars ($250.00). (Section 85-3-23.) Other exemptions may include tangible personal property such as household goods, wearing apparel, books, animals or crops, motor vehicles, tools of the trade, cash, and professionally prescribed health aids, in the aggregate value not exceeding ten thousand dollars ($10,000.00). In addition, certain insurance proceeds, public benefits, retirement or employee benefits may also be exempt. (Section 85-3-1.)

While the federal Bankruptcy Code also provides certain exemptions, Mississippi does not permit the election of federal exemptions. (Section 85-3-2.) This means that a resident of Mississippi may only claim exemption of those property and to the extent as permitted under Chapter 3 of Title 85 of the Mississippi Code even if the exemption provided under the federal Bankruptcy Code may be more beneficial to the judgment debtor.