What happens to my erisa retirement plan after bankruptcy in Tennessee?
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Most people use the Tenn. Code Ann. § 26-2-105 exemption to cover their erisa retirement plan in Tennessee Chapter 7 bankruptcy cases.
Tennessee does not allow the use of federal exemptions. You will have to use the state exemption scheme.
Under that scheme, most people use Tenn. Code Ann. § 26-2-105 to exempt erisa retirement plan in Tennessee bankruptcy cases.
Tenn. Code Ann. § 26-2-105 is typically used to cover pension plans. For single debtors filing, it has no coverage limit.
Here is a list of some statutes available in Tennessee that are available for filers.
It is worth taking your time on these exemptions. If you do not cover an asset with an exemption in a Tennessee bankruptcy case, it may be seized by a trustee. If you do not feel comfortable with these decisions and want assistance, read more about exemptions or consider using our free bankruptcy help.
When filing Chapter 7 or Chapter 13 bankruptcy you must report your assets. Exemptions are the laws that allow you to protect those assets from being taken by a Trustee. Take your time with this so you avoid losing property.