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Tennessee Bankruptcy Exemptions


When it comes to filing bankruptcy, understanding your options will enable you to get the best outcome for your financial future. An experienced attorney can help you thoroughly understand your options and ensure a smooth filing process.

Depending on whether you file Chapter 7 or Chapter 13 bankruptcy, there are certain exemptions that work to protect your equity or property and can help reduce the amount of money you have to pay a creditor back.


What is a Bankruptcy Exemption? 

When you file bankruptcy in the state of Tennessee, you are required to list all real or personal property on your bankruptcy petition. This property makes up what is referred to as your bankruptcy estate. Your bankruptcy estate includes everything – your house, your 401(k), and the clothing on your back.

You may be entitled to keep or protect certain assets from the Trustee or a Creditor based on applicable State or Federal exemptions.

Determining if State or Federal Exemptions Apply

In order to determine if State or Federal Exemptions apply, one must look at where the Debtor was domiciled. If you have been continuously domiciled in a state for 730 days, it is the state’s law that is applicable.

If you have not lived in the current state in which you are filing continuously for 730 days, you must look at where the Debtor was domiciled for the longer portion of the 180 days prior to the 730 days before filing.

Exemptions vary by State and help determine if the State allows non-residents to use its exemptions or Federal exemptions.


Closing Thoughts On Tennessee Bankruptcy Exemptions

Exempt property is listed on Schedule C of the bankruptcy petition. Any party in interest may file an objection to the property claimed as exempt within 30 days after the Meeting of Creditors is held or within 30 days after any amendment to the schedule is filed – whichever is later. This rule is different for a Trustee. To find out what assets you can protect, contact a bankruptcy attorney.

Expert Bankruptcy Lawyers

Since 1981, Flexer Law has been guiding Middle Tennessee residents through the bankruptcy filing process. Our expert lawyers are available to answer any questions you may have. 

We have three office locations throughout Middle Tennessee to accommodate your legal needs. Contact us for a free legal consultation and we’ll find the best solution to help get your financial life back on track.

Flexer Law Office Locations

  • Nashville, TN
  • Murfreesboro, TN
  • Columbia, TN

**LEGAL DISCLAIMER: This article does not constitute legal advice and is intended for general information purposes only. For advice on legal issues, please contact Flexer Law for a FREE CONSULTATION with one of our attorneys.

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