Tennessee Uses State Exemptions Instead Of Federal, Which Can Be Good For You
The list of bankruptcy exemptions is used to determine what a debtor can keep and what, if anything, must be liquidated to pay creditors. Tennessee opted out of the federal exemption list and uses its own, some of which may be more favorable to you when you file bankruptcy.
The attorneys of Lefkovitz & Lefkovitz know how to use the state exemptions to your advantage when preserving your assets as you go through bankruptcy. We look at your financial situation and apply potential exemptions before your case is filed, so we can solve any problems prior to submitting your petition.
Steve Lefkovitz was instrumental in getting the Tennessee homestead exemption to $25,000 for individual spouses with children and to expand the law to include any parent, not just those who were previously married. We are not afraid to challenge the law in order to find the right solution for you.
What Am I Allowed To Keep?
Some of this will depend on your personal situation and which form of bankruptcy you are filing. We will review your financial situation and use this information to figure out what you can keep. Most people don’t have to give up anything.
This is a partial list of Tennessee bankruptcy exemptions:
- Homestead exemption — $5000 for individuals, $7500 for married couples, $25,000 for parents with dependent minor children.
- Personal property — Up to $10,000 per filer, which includes physical property like books and health savings plans (HSAs), as well as personal injury awards and burial plots.
- Retirement funds — IRAs, pensions, 401(k) plans, ERISA-qualified benefits and other money you would use for your retirement.
- Public benefits — If you receive veterans’ benefits, Social Security, disability benefits or money from other social programs, that is protected.
- Tools of the trade — You can preserve up to $1900 worth of tools and books you use for work.
Our lawyers will work closely with you to determine if you will have to surrender anything, and if so, how much. The point of bankruptcy is to give you a fresh start, not make you dependent on government programs or other family members. We will fight so you can keep as much as possible, if not everything you still have.
Keep Everything You Need To Get That Fresh Start
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.