Bankruptcy Exemptions in Tennessee

Franklin Bankruptcy Attorneys

Exempt property in a bankruptcy is that property which is protected by law from the claims of creditors, which means it is property you may keep after bankruptcy has been filed. In bankruptcy cases, property may be exempt under either state or federal law. Exempt property generally includes all or a portion of a person's unpaid wages, home equity, household furniture, and personal belongings. A Franklin bankruptcy lawyer at our firm can inform you as to the specifics of property you may have questions about in regards to your case. We advise you to contact our offices for a consultation about your particular need for debt relief and protection through a bankruptcy proceeding in middle Tennessee, including Williamson County and the cities of Franklin, Brentwood, Spring Hills, Fairview, College Grove, Columbia, Lewisburg, Lawrenceburg, and Centerville.

Exemptions

Under Tennessee bankruptcy laws, the following is a partial list of exemptions:

• Homestead to $5,000, $7,500 for joint owners. $25,000 if at least one dependent is a minor. If 62 or older, $12,500 if singe, $20,000 if married, and $25,000 if spouse is 62 or older.
• Books, implements and tools of trade to $1,900
• Homeowner's insurance proceeds to $5,000
• Accident, health, or disability benefits
• 75% of earned but unpaid wages
• $4,000 of any personal property
• Property of a business partnership
• Public benefits, such as social security, unemployment compensation, veteran's benefits, worker's compensation
• Health aids
• School textbooks, clothing, portraits, and pictures
• Life insurance or annuity for spouse/children/dependent relatives

Talk to a Franklin Bankruptcy Lawyer

Whatever kind of debt situation you are facing, legal solutions exist to help you. By discussing your situation with an attorney who is well-versed in debt relief, you will be taking a positive step towards resolving your financial distress. That is the service a Williamson County bankruptcy attorney can provide to you and your family.