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Tennessee Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your bankruptcy attorneys can use Tennessee state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Tennessee bankruptcy exemptions that an attorney can use to help keep creditor's hands off your cherished possessions. The Tennessee bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the Tennessee bankruptcy exemptions below are not an exhaustive list, therefore you should contact a Tennessee bankruptcy attorney to determine the other types of property that you own which may be exempt.

Homestead Tennessee Bankruptcy Exemptions

These Tennessee bankruptcy exemptions can be used to protect up to $5,000 in equity in your house per person, maximum of $7,500 if jointly owned by both you and your spouse. Unfortunately you can't use these Tennessee bankruptcy exemptions to protect a rental property or a house you are not living in.

Personal Property Tennessee Bankruptcy Exemptions

Your Tennessee bankruptcy attorney can use these Tennessee Bankruptcy exemptions to protect up to $4,000 in value of any of your personal property, including money and bank deposits.

Life Insurance Proceeds Tennessee Bankruptcy Exemptions

These Tennessee bankruptcy exemptions can protect 100% of the value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Qualified Retirement Plan Tennessee Bankruptcy Exemptions

Your U.S. federal bankruptcy attorneys can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.

Tools of the Trade, Professional Books Tennessee Bankruptcy Exemptions

This is a useful exemption that can be used to protect up to $1,900 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Tennessee Bankruptcy Exemptions

Your U.S. federal bankruptcy lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Tennessee Bankruptcy Exemptions

These Tennessee bankruptcy exemptions can help to protect 100% of compensation you receive under Tennessee workers' compensation laws. Your U.S. federal bankruptcy lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Tennessee, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Learn more about Texas bankruptcy exemptions.