Tennessee

From Bankruptcy Forum

Tennessee Bankruptcy Exemptions

Homestead

26-2-301 - $5,000; $7,500 for joint owners. Tenancies by the entirety are exempt without limit as to debts of one spouse [In re Arang. 136 B.R. 740; affirmed 992 F.2d 611 (6th Cir. 1993)]. Spouse or child of deceased owner may claim. May also claim a life estate or a 2 to 15 year lease. 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.

Personal Property

26-2-103 - $4,000 of any personal property.

26-2-104 - Clothing and storage containers; schools books, pictures, portraits, and bible.

26-2-111 - Health aids; lost earnings payments for yourself or a person you depended upon; personal injury recoveries up to $7,500; wrongful death recoveries up to $10,000 (LIMIT total of personal injury claims, wrongful death claims, and crime victims' compensation cannot exceed $15,000).

26-2-305 & 46-2-102 - Burial plot up to 1 acre.

Wages

26-2-106 & 26-2-107 - 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.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

8-36-111 - Public employees.

26-2-105 - State and local government employees.

26-2-111 - ERISA-qualified benefits.

45-9-909 - Teachers.

Public Benefits

13-11-115 - Relocation assistance payments.

26-2-111 - Unemployment compensation; veterans' benefits; Social Security; local public assistance.

26-2-111 & 29-13-111 - Crime victims' compensation up to $5,000, but see" LIMIT" under Personal Property above.

50-6-223 - Workers' compensation.

71-2-216 - Old-age assistance.

71-4-117 - Aid to blind.

71-4-1112 - Aid to disabled.

Tools of Trade

26-2-111 - Tools, books, and implements of trade up to $1,900.

Alimony and Child Support

26-2-111 - Alimony and child support which is owed for at least 30 days prior to filing for bankruptcy.

Insurance

26-2-110 - Disability, accident or health. benefits, for a resident and citizen of Tennessee.

26-2-111 - Disability or illness benefits.

56-7-203 - Life insurance or annuity.

56-25-1403 - Fraternal benefit society benefits.

Miscellaneous

49-4-108 - Educational scholarship trust funds and prepayment plans.