Tennessee, TN Bankruptcy Exemptions

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Tennessee, TN Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Tennessee, TN Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Tennessee, TN Bankruptcy Exemptions

All law references are to Tennessee Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	$5000; $7500 for joint owners	26-2-301
	Life estate	26-2-301
	2-15 year lease	26-2-301
	Spouse or child of deceased owner may claim homestead exemption	26-2-301
	Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	In re Arango, 136 B.R. 740, aff’d, 992 F. 2d 611 (6th Cir. 1993)
	If over 62 years of age, $12,500 for single people and $20,000 for married people; $25,000 if spouse is also over 62 years of age.	26-2-301
INSURANCE	Accident, health or disability benefits for resident and citizen of Tennessee	26-2-110
	Disability or illness benefits	26-2-111(1) (C)
	Fraternal benefit society benefits	56-25-1403
	Life insurance or annuity.	56-7-203
MISCELLANEOUS	Alimony owed for 30 days before filing for bankruptcy	26-2-111(1) (E)
MISCELLANEOUS	Educational scholarship trust funds and prepayment plans.	49-4-108
PENSIONS	ERISA-qualified benefits	26-2-111(1) (D)
	Public employees	8-36-111
	State & local government employees	26-2-105
	Teachers	45-9-909
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Bible, schoolbooks, pictures, portraits, clothing & storage containers	26-2-104
	Burial plot to 1 acre	26-2-305, 46-2-102
	Health aids	26-2-111(3)
	Lost earnings payments for you or person you depended on	26-2-111(2) (B)
	Personal injury recoveries to $7500; death recoveries to $10,000 (you can’t exempt more than $15,000 total for personal injury, wrongful death & crime victims’ compensation)	26-2-111
	$4,000 of any personal property.	26-2-103
PUBLIC BENEFITS	Aid to blind	71-4-117
	Aid to disabled	71-4-1112
	Crime victims’ compensation to $5000 (see personal property)	26-2-111(2) (A), 29-13-111
	Local public assistance	26-2-111(1) (A)
	Old-age assistance	71-2-216
	Social security	26-2-111(1) (A)
	Unemployment compensation	26-2-111(1) (A)
	Veterans’ benefits	26-2-111(1) (B)
	Workers’ compensation	50-6-223
	Relocation assistance payments.	13-11-115
TOOLS OF TRADE	Implements, books & tools of trade to $1900	26-2-111(4)
WAGES	The greater of the following: 30 times the federal minimum hourly wage or minimum of 75% of disposable weekly income, plus $2.50 per week per child. Judge may approve more for low income debtor.	26-2-106 26-2-107

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