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Tennessee Bankruptcy

Exemption Court
Tennessee Bankruptcy Exemption
Homestead:
Home or principal place of residence used as by the debtor or his/her dependent use as the principal place of residence. Up to the quantum of $ 5,000 for individual debtor and $ 7,500 if jointly owned and both debtor are involved in the proceeding.

Insurance proceeds from destroyed exempt homestead up the extent of $ 5,000.

Note: In case of joint ownership must be divided equally. Exemption also applies to life estates, equitable estates and leasehold estates.

Personal Property:
Personal property of state residents (including cash and bank deposits) exempted up to the extent of $ 4,000.

Wages:
Greater among 75 % or 30 times the federal minimum hourly wage per week and $ 2.50 per each week for each dependent child of the debtor under the age of 16 years.

Crime Victim's compensation awards:
Award as reparation is exempted up to the extent of $ 5,000.

Personal Injury:
Personal Injury payments to debtor or individual of whom debtor is dependent up to the extent of $ 7,000.

Wrongful Death:
Payments due to wrongful death of the debtor or individual of whom the debtor was dependent up to the extent of $ 10,000.

Compensation:
Compensation for loss of future earnings of debtor or individual of whom the debtor is a dependent shall get exempted up to the amount reasonably necessary for sustenance of debtor and dependent.

Professional Books and Implements:
Books and tools required to carry on trade or profession are exempted up to the extent of $ 1,900.

Total or Absolute Exemptions for:
  • Necessary wearing Apparel.
  • Pension under IRA plan.
  • Health, disability and accident insurance.
  • Veterans benefit.
  • Social security benefits.
  • Professional prescribed health aids.
  • Child support.
  • Annuity contract benefits payable to dependent.
  • Specific partnership property.
  • Unemployment benefit.
  • Employment compensation benefits.
  • Cooperative scholarship benefits.
  • Aid to blinds.
  • Old Age Assistance payments.
  • State, municipal or subdivision pension benefits.
  • Fraternal benefit society benefit.

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