When filing for bankruptcy, particularly Chapter 7, you don't need to sell all your property to pay creditors. Some properties are exempted from bankruptcy. However, while there are federal exemptions, each state, including Tennessee, has its own set of exemptions....
Bankruptcy Exemptions
Bankruptcy exceptions can protect assets
Bankruptcy can provide a fresh start after incurring insurmountable debt. Chapter 7 exemptions provide bankruptcy protection over a debtor's property while dealing with debt. Chapter 7 bankruptcy is typically a faster and easier process than Chapter 13. Under Chapter...
How can bankruptcy exemptions help those filing for Chapter 13?
When people in Tennessee get to the point where they are considering filing for bankruptcy, their first thought may be to file for Chapter 7 "liquidation" bankruptcy. In a Chapter 7 bankruptcy, a debtor's assets are sold, and the proceeds are used to pay back their...
How do bankruptcy exemptions work in Chapter 7?
No one wants to admit that they are dealing with financial problems. Many hope that if they ignore them long enough, that they will just fix themselves. Unfortunately, that rarely happens. What is even worse is that financial problems that go unaddressed have the...
Why is some property exempt from bankruptcy proceedings?
Going through bankruptcy can be stressful on a Tennessee family. After finding themselves in a dire financial situation, the members of the family may have to make the difficult decision to file for Chapter 7 or Chapter 13 bankruptcy. Starting the bankruptcy process...
Personal property that may be exempt from bankruptcy
Not long ago this bankruptcy and debt relief legal blog published a post regarding bankruptcy exemptions for Tennessee residents. In the post, readers were informed that in our state individuals must use the state's exemptions, rather than the exemptions that the...
Tennessee law governs bankruptcy exemption options
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...
What are bankruptcy exemptions?
Working through a bankruptcy from filing to discharge may seem daunting for a Tennessee resident. For example, under Chapter 13 bankruptcy, a debtor may have to find a way to commit much of their disposable income to the repayment of their debts. Under Chapter 7...
The wild card exemption of a Tennessee bankruptcy
Bankruptcy exemptions are intended to allow debtors to keep some of their property when they elect to file for bankruptcy. Exemptions can be particularly important to debtors who choose to pursue Chapter 7 bankruptcy, which is often referred to as "liquidation...
Do you need to give up your property if you file for bankruptcy?
Chapter 7 bankruptcy can seem like an extreme financial process for those Tennessee residents who are struggling to find solid financial footing. Often referred to as "liquidation bankruptcy," this form of bankruptcy requires filers to sell off items of personal...
