Tennessee Bankruptcy Exemptions
Homestead
26-2-301 - $5,000; $7,500 for joint owners. Tenancies by the entirety are
exempt without limit as to debts of one spouse [In re Arang. 136 B.R. 740;
affirmed 992 F.2d 611 (6th Cir. 1993)]. 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
26-2-103 - $4,000 of any personal property.
26-2-104 - Clothing and storage containers; schools books, pictures,
portraits, and bible.
26-2-111 - 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, and crime victims' compensation cannot exceed $15,000).
26-2-305 & 46-2-102 - Burial plot up to 1 acre.
Wages
26-2-106 & 26-2-107 - 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
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
8-36-111 - Public employees.
26-2-105 - State and local government employees.
26-2-111 - ERISA-qualified benefits.
45-9-909 - Teachers.
Public Benefits
13-11-115 - Relocation assistance payments.
26-2-111 - Unemployment compensation; veterans' benefits; Social Security;
local public assistance.
26-2-111 & 29-13-111 - Crime victims' compensation up to $5,000, but see"
LIMIT" under Personal Property above.
50-6-223 - Workers' compensation.
71-2-216 - Old-age assistance.
71-4-117 - Aid to blind.
71-4-1112 - Aid to disabled.
Tools of Trade
26-2-111 - Tools, books, and implements of trade up to $1,900.
Alimony and Child Support
26-2-111 - Alimony and child support which is owed for at least 30 days
prior to filing for bankruptcy.
Insurance
26-2-110 - Disability, accident or health. benefits, for a resident and
citizen of Tennessee.
26-2-111 - Disability or illness benefits.
56-7-203 - Life insurance or annuity.
56-25-1403 - Fraternal benefit society benefits.
Miscellaneous
49-4-108 - Educational scholarship trust funds and prepayment plans.