Tennessee Bankruptcy Laws

$5,000; $7,500 for joint owners. Tenancies by the entirety are exempt without limit as to debts of one spouse. 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

$4,000 of any personal property; clothing and storage containers; schools books, pictures, portraits, and bible; health savings accounts; 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 & crime victims' compensation cannot exceed $15,000); burial plot up to 1 acre.

Wages

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

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person; public employees; state and local government employees; ERISA-qualified benefits; teachers.

Public Benefits

Relocation assistance payments; unemployment compensation; veterans' benefits; Social Security; local public assistance; crime victims' compensation up to $5,000; workers' compensation; old-age assistance; aid to blind; aid to disabled.

Tools of the Trade

Tools, books, and implements of trade up to $1,900.

Insurance

Disability, accident or health benefits for a resident and citizen of Tennessee; disability or illness benefits; life insurance or annuity; fraternal benefit society benefits.

Miscellaneous

Alimony and child support which is owed for at least 30 days prior to filing for bankruptcy; educational scholarship trust funds and prepayment plans.