Tennessee Bankruptcy Exemptions
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Written by
Jeffrey Johnson
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UPDATED: Nov 16, 2020
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| Assets | Exemption | State Statutes |
|---|---|---|
| Homestead | $5,000; $7,500 for joint owners; $25,000 if at least one dependent is a minor child. (If 62 or older, 12,500 if single; $20,000 if married; $25,000 if spouse is also 62 or older.) | Tenn. Code Ann. § 26-2-302 Tenn. Code Ann. § 26-2-301 |
| 2–15 year lease. | Tenn. Code Ann. § 26-2-303 | |
| Property held as tenancy by the entirety may be exempt against debts owed by only one spouse. | In re Arango, 136 B.R. 740 aff’d, 992 F.2d 611 (6th Cir. 1993) In re Arango, 136 B.R. 740 (Bankr.E.D.Tenn. 1992) In re Arango, 992 F.2d 611 (6th Cir. 1993) In re Arwood, 289 B.R. 889 (Bankr.E.D.Tenn. 2003) |
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| Spouse or child of deceased owner may claim homestead exemption. | Tenn. Code Ann. § 26-2-301 | |
| Insurance | Accident, health, or disability benefits for resident & citizen of Tennessee. | Tenn. Code Ann. § 26-2-110 |
| Disability or illness benefits. | Tenn. Code Ann. § 26-2-111 (1)(C) | |
| Fraternal benefit society benefits. | Tenn. Code Ann. § 56-25-1403 | |
| Life insurance or annuity. | Tenn. Code Ann. § 56-7-203 | |
| Misc. | Alimony, child support owed for 30 days before filing for bankruptcy. | Tenn. Code Ann. § 26-2-111 (1)(E) |
| Educational trust funds and prepayment plans. | Tenn. Code Ann. § 49-4-108 Tenn. Code Ann. § 49-7-822 |
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| Pensions & Retirement Savings | ERISA-qualified benefits, IRAs, & Roth IRAs. | Tenn. Code Ann. § 26-2-111 (1)(D) |
| Teachers. | Tenn. Code Ann. § 49-5-909 | |
| Health & medical savings accounts. | Tenn. Code Ann. § 26-2-105 | |
| Public employees. | Tenn. Code Ann. § 8-36-111 | |
| State & local government employees. | Tenn. Code Ann. § 26-2-105 | |
| Personal Property | Bible, schoolbooks, family pictures, & portraits. | Tenn. Code Ann. § 26-2-104 |
| Burial plots to 1 acre. | Tenn. Code Ann. § 26-2-305 Tenn. Code Ann. § 46-1-108 |
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| Clothing & storage containers. | Tenn. Code Ann. § 26-2-104 | |
| Health aids. | Tenn. Code Ann. § 26-2-111 (5) | |
| Lost future earnings payments for you or person you depended on. | Tenn. Code Ann. § 26-2-111 (3) | |
| Personal injury recoveries to $7,500; wrongful death recoveries to $10,000 ($15,000 total for personal injury, wrongful death, & crime victims’ compensation). | Tenn. Code Ann. § 26-2-111 (2)(B),(C) | |
| Wages of debtor deserting family, in hands of family. | Tenn. Code Ann. § 26-2-109 | |
| Public Benefit | Aid to blind. | Tenn. Code Ann. § 71-4-117 |
| Aid to disabled | Tenn. Code Ann. § 71-4-1112 | |
| Crime victims’ compensation to $5,000 (see personal property). | Tenn. Code Ann. § 29-13-111 Tenn. Code Ann. § 26-2-111 (2)(A) |
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| Local public assistance. | Tenn. Code Ann. § 26-2-111 (1)(A) | |
| Old-age assistance. | Tenn. Code Ann. § 71-2-216 | |
| Relocation assistance payments. | Tenn. Code Ann. § 13-11-115 | |
| Social Security. | Tenn. Code Ann. § 26-2-111 (1)(A) | |
| Unemployment compensation. | Tenn. Code Ann. § 26-2-111 (1)(A) | |
| Veterans’ benefits. | Tenn. Code Ann. § 26-2-111 (1)(B) | |
| Workers’ compensation. | Tenn. Code Ann. § 50-6-223 | |
| Tools of Your Trade | Implements, books, & tools of trade to $1,900. | Tenn. Code Ann. § 26-2-111 (4) |
| Wages | Minimum 75% of disposable weekly earnings or 30 times the federal minimum hourly wage, whichever is more, plus $2.50 per week per child; bankruptcy judge may authorize more for low-income debtors. | Tenn. Code Ann. § 26-2-106 Tenn. Code Ann. § 26-2-107 |
| Wildcard | $4,000 of any personal property including deposits on account with any bank or financial institution. | Tenn. Code Ann. § 26-2-104 |
Resources:
Tennessee Bankruptcy Attorneys