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Tennessee State Bankruptcy Exemptions |
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Tennessee State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemptions are not available. All law references are to Tennessee Code Annotated unless otherwise noted. |
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| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
$5000;
$7500 for joint owners Life estate 2-15 year lease Spouse or child of deceased owner may claim homestead exemption Property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
26-2-301 26-2-302 26-2-303 26-2-301 In re Arango, 136 B.R. 740, aff’d, 992 F. 2d 611 (6th Cir. 1993) |
| Insurance |
Accident, health or disability benefits for resident and
citizen of Tennessee Disability or illness benefits Fraternal benefit society benefits Homeowners’ insurance proceeds to $5000 |
26-2-110 26-2-111(1) ( C) 56-25-1403 26-2-304 |
| Miscellaneous |
Alimony
owed for 30 days before filing for bankruptcy Property of business partnership |
26-2-111(1) (E) 61-1-124 |
| Pensions |
ERISA-qualified
benefits Public employees State & local government employees Teachers |
26-2-111(1) (D) 8-36-111 26-2-104 49-5-909 |
| Personal Property |
Bible,
schoolbooks, pictures, portraits, clothing & storage
containers Burial plot to 1 acre Health aids Lost earnings payments for you or person you depended on Personal injury recoveries to $7500 (not to include pain and suffering); wrongful death recoveries to $10,000 (you can’t exempt more than $15,000 total for personal injury, wrongful death & crime victims’ compensation) |
26-2-103 26-2-305, 46-2-102 26-2-111(5) 26-2-111(3) 26-2-111(2) (B) 26-2-111(2) ( C) |
| Public Benefits |
Aid to
blind Aid to disabled Crime victims’ compensation to $5000 (see personal property) Local public assistance Old-age assistance Social security Unemployment compensation Veterans’ benefits Workers’ compensation |
71-4-117 71-4-1112 26-2-111(2) (A), 29-13-111 26-2-111(1) (A) 71-2-216 26-2-111(1) (A) 26-2-111(1) (A) 26-2-111(1) (B) 50-6-223 |
| Tools of Trade | Implements, books & tools of trade to $1900 | 26-2-111(4) |
| Wages | Minimum 75% of earned but unpaid wages, plus $2.50 per week per child; bankruptcy judge may authorize more for low-income debtors |
26-2-106 26-2-107 |
| Wild Card | $4,000 of any personal property | 26-2-102 |
Thursday January 12, 2006