TENNESEE BANKRUPTCY LAW:
Tennessee Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Tennessee Bankruptcy Statistics: In 2009, in the state of Tennessee, 36,923 bankruptcies were filed. Business Bankruptcies accounted for less than 3% of the total filings or 1,273 bankruptcies.
NOTE: If the debtor leaves his family, the exempt property is set aside for use by the debtor’s family.
Tennessee State Bankruptcy Exemptions:
The home (“homestead”) is exempt when filing bankruptcy in Tennessee for a value of up to $5,000 for an individually owned property and $7,500 for a jointly owned property. The exempt amount goes up to $25,000 if a minor child is living in the home. If the debtor is 62 and over, and single the exemption goes up to $12,500; and 62 and over and married the exemption goes up to $25,000. If the owner is deceased, the spouse or children can claim the exception.
This exception can be applied to a leased property, when the property is leased for more than two years and less than 15 years. This exception does not affect any rent that has not been paid on the property.
Burial plots up to one acre are also exempt when filing bankruptcy in Tennessee.
The following items are entirely exempt when filing bankruptcy in Tennessee:
Damages recovered for personal injury cases are exempt up to $7,500, for wrongful death up to $10,000 and for crime victim’s compensation up to $5,000. In total, damages for personal injury, wrongful death, and crime victim’s compensation are exempt up to $15,000.
The following insurance benefits are entirely exempt when filing bankruptcy in Tennessee:
The following pension types are wholly exempt when filing bankruptcy in Tennessee:
The following individuals’ pensions are whole exempt:
In a Tennessee bankruptcy, the following public benefits are entirely exempt:
Tools of the trade
Books, implements and tools may be exempt up to $1,900 when filing for bankruptcy in Tennessee.
Payment in compensation for future earnings of the debtor or a party on whom the debtor is financially dependent is entirely exempt.
Wages are exempt at either 75% or 30 times the federal poverty line, whichever is greater. An additional $2.50 per child or dependent per week may be exempt. A bankruptcy judge has the discretion to allow a higher percentage for low income debtors.
A debtor may exempt an addition $4,000 on any personal property, including accounts in any bank or financial institutions.
Alimony and child support, owned for 30 days before filing for bankruptcy are exempt. Qualifying education trust funds and prepayment plans are also exempt in a Tennessee bankruptcy.
Federal Bankruptcy Exemptions: Yes
Tennessee Bankruptcy Courts:
United States Bankruptcy Court for the Eastern District of Tennessee has jurisdiction in the following counties: Anderson, Bedford, Bledsoe, Blount, Bradley, Campbell, Carter, Claiborne, Cocke, Coffee, Franklin, Grainger, Greene, Grundy, Hamblen, Hamilton, Hancock, Hawkins, Jefferson, Johnson, Knox, Lincoln, Loudon, Marion, McMinn, Meigs, Monroe, Moore, Morgan, Polk, Rhea, Roane, Scott, Sequatchie, Sevier, Sullivan, Unicoi, Union, Van Buren, Warren, Washington.
United States Bankruptcy Court for the Middle District of Tennessee has jurisdiction in the following counties: Cannon, Cheatham, Clay, Cumberland, Davidson, DeKalb, Dickson, Fentress, Giles, Hickman, Houston, Humphreys, Jackson, Lawrence, Lewis, Macon, Marshall, Maury, Montgomery, Overton, Pickett, Putnam, Robertson, Rutherford, Smith, Stewart, Sumner, Trousdale, Wayne, White, Williamson, Wilson.
United States Bankruptcy Court for the Westerns District Court of Tennessee has jurisdiction in the following counties: Benton, Carroll, Chester, Crockett, Decatur, Dyer. Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, Lauderdale, McNairy, Madison, Obion, Perry, Shelby, .