Protecting Your Property With Tennessee’s Bankruptcy Exemptions
Are you concerned about losing your homestead and other personal property through filing bankruptcy? The good news is that Tennessee has certain exemption laws that allow you to protect certain property in Chapter 7 or 13 bankruptcy.
At Rothschild & Ausbrooks, PLLC, we provide legal representation to clients throughout the bankruptcy process. It is entirely possible to keep certain property such as your home, bank accounts, education funds and other valuable personal property from being auctioned in a bankruptcy process. It all depends on your unique circumstances, and our lawyers can help you determine how to protect what matters most to you.
Does the worry of exempt property and filing bankruptcy have you stuck between a rock and a hard place? If so, consider a board-certified bankruptcy attorney from Rothschild & Ausbrooks, PLLC. Contact our firm today to arrange your free consultation.
What Does ‘Exempting Property’ Actually Mean?
While the U.S. Bankruptcy Code governs the bankruptcy process, each state has unique laws that allow individuals to protect certain assets and real property from liquidation, up to a certain amount. Essentially, you remove or “exempt” the property from being considered by the bankruptcy trustee and creditors. Exempting property means you can keep important assets necessary for living, such as your home, car or tools of the trade, as well as items of personal or sentimental value.
What Property Is Exempt in Tennessee?
For many people, the most important form of exempt property is the homestead exemption, which protects a certain amount of equity in your home from being considered for liquidation. Other exempt property includes:
- Money and funds on deposit with a bank
- Family pictures
- Family heirlooms
- Tools of the trade
- Wedding rings
- Workers’ compensation benefits
- Unemployment compensation benefits
- Education funds
- Employee contributions to ERISA retirement plans
It is important to speak with an attorney to learn more about federal and state exemptions. Exemptions allow property owners to maintain possession of their property, but these exemptions may depend on whether you file Chapter 7 or Chapter 13 bankruptcy. If you are worried about losing your property, we can help.
Learn More About Your Options
We understand people have many concerns about losing their home and other personal possessions. Please contact our office in Nashville today to learn more or to arrange a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.