Tennessee Bankruptcy Exemptions 2021
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Written by Upsolve Team.
Updated January 21, 2021
It's important to understand what the exemptions for Tennessee are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Tennessee allow federal exemptions?
Tennessee does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Tennessee Exemptions
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 13-11-115
Most people use Tenn. Code Ann. § 13-11-115 to cover relocation assistance payments. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-104
Most people use Tenn. Code Ann. § 26-2-104 to cover wearing apparel. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-104 (a)(3)
Most people use Tenn. Code Ann. § 26-2-104 (a)(3) to cover schoolbooks, family pictures, portraits. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-105
Most people use Tenn. Code Ann. § 26-2-105 to cover pension plans. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-105
Most people use Tenn. Code Ann. § 26-2-105 to cover health savings account. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-106
Most people use Tenn. Code Ann. § 26-2-106 to cover wages - 75% or 30 times federal min, plus $2.50 per week per child. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-109
Most people use Tenn. Code Ann. § 26-2-109 to cover wages of debtor deserting family, in hands of family. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-110
Most people use Tenn. Code Ann. § 26-2-110 to cover accident insurance. For single debtors filing, it has a coverage limit of $600.
Tenn. Code Ann. § 26-2-111 (1)(a)
Most people use Tenn. Code Ann. § 26-2-111 (1)(a) to cover social security. public assistance. unemployment compensation. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-111 (1)(b)
Most people use Tenn. Code Ann. § 26-2-111 (1)(b) to cover veterans' benefit. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-111 (1)(c)
Most people use Tenn. Code Ann. § 26-2-111 (1)(c) to cover disability benefits. For single debtors filing, it has a coverage limit of $4,000.
Tenn. Code Ann. § 26-2-111 (1)(D)
Most people use Tenn. Code Ann. § 26-2-111 (1)(D) to cover erisa, ira, roth ira. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-111 (2)(B); Tenn. Code Ann. § 26-2-111 (2)(C)
Most people use Tenn. Code Ann. § 26-2-111 (2)(B); Tenn. Code Ann. § 26-2-111 (2)(C) to cover personal injury settlement. For single debtors filing, it has a coverage limit of $7,500.
Tenn. Code Ann. § 26-2-111 (2)(B); Tenn. Code Ann. § 26-2-111 (2)(C)
Most people use Tenn. Code Ann. § 26-2-111 (2)(B); Tenn. Code Ann. § 26-2-111 (2)(C) to cover wrongful death recoveries. For single debtors filing, it has a coverage limit of $10,000.
Tenn. Code Ann. § 26-2-111 (3)
Most people use Tenn. Code Ann. § 26-2-111 (3) to cover lost future earnings. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-111 (4)
Most people use Tenn. Code Ann. § 26-2-111 (4) to cover tools of trade. For single debtors filing, it has a coverage limit of $1,900.
Tenn. Code Ann. § 26-2-111 (e)
Most people use Tenn. Code Ann. § 26-2-111 (e) to cover alimony, child support - owed 30 days before filing. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-111(5)
Most people use Tenn. Code Ann. § 26-2-111(5) to cover health aids. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 29-13-111
Most people use Tenn. Code Ann. § 29-13-111 to cover crime victim's compensation. For single debtors filing, it has a coverage limit of $5,000.
Tenn. Code Ann. § 49-4-108; Tenn. Code Ann. § 49-7-822
Most people use Tenn. Code Ann. § 49-4-108; Tenn. Code Ann. § 49-7-822 to cover education plans and trusts. For single debtors filing, it has a coverage limit of $4,000.
Tenn. Code Ann. § 49-5-909
Most people use Tenn. Code Ann. § 49-5-909 to cover teachers retirement fund. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 50-6-223
Most people use Tenn. Code Ann. § 50-6-223 to cover workers' compensation. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 56-25-1403
Most people use Tenn. Code Ann. § 56-25-1403 to cover fraternal benefits, societal benefits. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 56-7-203
Most people use Tenn. Code Ann. § 56-7-203 to cover annuities. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 56-7-203
Most people use Tenn. Code Ann. § 56-7-203 to cover life insurance (for spouse). For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 71-2-216
Most people use Tenn. Code Ann. § 71-2-216 to cover old age assistance. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 71-4-1112
Most people use Tenn. Code Ann. § 71-4-1112 to cover aid to disabled. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 71-4-117
Most people use Tenn. Code Ann. § 71-4-117 to cover aid to blind. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 8-36-111
Most people use Tenn. Code Ann. § 8-36-111 to cover public employees. For single debtors filing, it has no coverage limit.
Tenn. Code Ann. § 26-2-103
Most people use Tenn. Code Ann. § 26-2-103 to cover wildcard. For single debtors filing, it has a coverage limit of $10,000.
