Every day American across the country make the difficult decision to pursue bankruptcy to alleviate their financial obstacles. Whether they have fallen on hard times due to medical or credit card debt or have suffered the loss of their income due to a lay-off or downsizing, their choices to seek protections from the bankruptcy laws of the state and nation are undoubtedly made after careful considerations.

For some Americans, choosing to pursue bankruptcy is only the first decision they must make in order to engage with the process. They must then decide what form of personal bankruptcy will serve them best, and it is often the case that this decision is best made with the help of an attorney. Understanding how each form of bankruptcy can affect one’s financial future can be difficult and legal assistance can be valuable to those who want to make informed decisions.

Depending upon the location where they choose to file for bankruptcy, a person may also have to decide if they want to use the bankruptcy exemptions made available to them through federal laws or those made available to them through their state’s laws. This choice is not relevant to individuals who file for bankruptcy in Tennessee, though, as state law mandates that personal property and other exemptions conform to those set forth in the Tennessee Code.

It is therefore important for Tennessee bankruptcy filers to understand that they will not be allowed to utilize federal bankruptcy exemptions as set forth in the Bankruptcy Reform Act of 1978. Questions about this matter should be brought up with readers’ individual legal advisors.