What happens to my state employees benefits after bankruptcy in Tennessee?
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Most people use the Tenn. Code Ann. § 26-2-111 (1)(a) exemption to cover their state employees benefits 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. § 26-2-111 (1)(a) to exempt state employees benefits in Tennessee bankruptcy cases.
Tenn. Code Ann. § 26-2-111 (1)(a) is typically used to cover social security. public assistance. unemployment compensation. 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.