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Tennessee exemptions for personal property

Filing for bankruptcy can be a scary prospect for Tennessee residents. They may feel like it is the only option they have left -- especially if they have been subjected to creditor harassment. People may worry that filing for bankruptcy means that they have to give up a lot of their personal property. They may worry about losing family heirlooms, clothing, pets or other property that they need on a day-to-day basis.

However, people in this situation should understand that bankruptcy is often a very good option for those struggling with overwhelming debt. They should also know that bankruptcy exemptions often allow people to keep all or most of their personal property. In particular, Tennessee bankruptcy exemptions give people the freedom to choose what property they want to keep.

Under section 26-2-103 of the Tennessee Code allows debtors to choose personal property that they would like to be exempt from the bankruptcy estate. Under this section, people can choose up to $4,000 in personal property to keep from the estate. This can include money or other funds in deposit accounts.

Other personal property is also exempt under Tennessee laws. For example, under section 26-2-104 of the Tennessee people filing for bankruptcy are allowed to exempt specific property. This property includes the family's Bible, all of the family's pictures or portraits and school books. This section also allows people to exempt all of their clothing -- or wearing apparel -- from the bankruptcy estate. In addition to the clothing, trunks and storage receptacles for the clothing are also exempt.

Other property may be exempt under Tennessee law. People who are considering filing for Chapter 7 bankruptcy should understand how these bankruptcy exemptions work. An attorney can help people in this situation.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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