Tennessee State Bankruptcy Exemptions
The chart below contains a summary of Tennessee state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of Tennessee bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Tennessee Bankruptcy Law
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
||$5,000; $7,500 for joint owners; $25,000 if at least one dependent is a minor child; $12,500 if debtor is 62 or older and single; $20,000 if debtor is 62 or older and married; $25,000 if debtor's spouse is also 62 or older
||Minimum 75% of disposable weekly earnings or 30 times the Federal minimum hourly wage (whichever is greater), plus $2.50 per week per child. Bankruptcy judge may authorize more for low-income debtors.
||Life insurance or annuity
||Alimony and child support owed for 30 days before filing for bankruptcy
||Clothing and storage containers
||Bible, schoolbooks, family pictures, and portraits
||Burial plot to 1 acre
||Implements, books, and tools of trade to $1,900
||$4,000 of any personal property
Note: While this reference information is current as of October 2010, it may not reflect the most up-to-date exemption figures on official state of Tennessee bankruptcy court statutes.
Back to all State Bankruptcy Exemptions
Go to Complete State of Tennessee bankruptcy exemptions laws.
Tennessee Bankruptcy Court links :