Tennessee Bankruptcy Exemption List
You may only use the State Exemptions
The state of Tennessee has their own list of bankruptcy exemptions and you are not allowed to use the federal list. In some states, you may have a few supplemental federal exemptions which can be used with the state list. There may also be certain residency requirement to use the Tennessee state exemption list. In addition, not all of your assets may have a matching state exemption.
Contact a Tennessee Bankruptcy Attorney to discuss all available options prior to filing bankruptcy in Tennessee
|
Exemptions
|
Exemption Amount
|
Statutes
|
| 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 |
26-2-301
26-2-302
26-2-303
26-2-301
In re Arango, 136 B.R. 740, aff’d, 992 F. 2d 611 (6th Cir. 1993) |
| 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 |
| 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 |
71-4-117
71-4-1112
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) |
| 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 |
| 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) |
26-2-103
26-2-305, 46-2-102
26-2-111(5)
26-2-111(3)
26-2-111(2) (B)
26-2-111(2) ( C) |
| Wages |
Minimum 75% of earned but unpaid wages, plus $2.50 per week per child; bankruptcy judge may authorize more for low-income debtors |
26-2-106
26-2-107 |
| Wild Card |
$4,000 of any personal property |
26-2-102 |