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.

Tennessee Homestead$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 older26-2-301
WagesMinimum 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.26-2-106, 107
Other propertyLife insurance or annuity56-7-203
Alimony and child support owed for 30 days before filing for bankruptcy26-2-111(1)(E)
Clothing and storage containers26-2-104
Bible, schoolbooks, family pictures, and portraits26-2-104
Burial plot to 1 acre26-2-305
Implements, books, and tools of trade to $1,90026-2-111(4)
Wildcard$4,000 of any personal property26-2-103

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.

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