Murfreesboro, TN Bankruptcy Exemptions
Tennessee Bankruptcy ExemptionsView the chart below for details on property you can exempt or protect from creditors when you file bankruptcy in Tennessee. You may exempt property that falls into one of the categories below, up to the dollar amount listed. You may be able to keep this exempted property after you file bankruptcy. Please note that there are certain Non-dischargeable Debts which you will not be able to erase in bankruptcy. |
| ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
| 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 |
26-2-30126-2-302
26-2-303 26-2-301 In re Arango, 136 B.R. 740, affíd, 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 Life insurance or annuity for spouse/children/dependent relatives – exempt from all claims |
26-2-110
26-2-111(1) ( C) 56-25-1403 26-2-304 56-7-03 |
| 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 | $10,000 of any 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) |
26-2-10326-2-305, 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 |
71-4-11771-4-1112
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 | 26-2-10626-2-107 |
| Wild Card | $10,000 of any personal property | 26-2-102 |