Bankruptcy Property Exemptions

The Law Office of Eric K. Fox is family owned. We know how important your home, car and other valuable possessions are to your family. We want to help you keep your possessions throughout the bankruptcy process. You do not have to lose all of your belongings in bankruptcy.

You Can Keep Your Personal Property. Call Today.

If you would like to learn your options for keeping your property during bankruptcy, call our law firm to speak with a Hendersonville property exemption attorney. We offer free initial consultations. We can be reached toll free at 888-808-7604 or locally at 615-338-5291.

What Can I Keep?

What you can keep will vary with the type of bankruptcy you file and the type of debt. non exempt assets are not protected property; exempt assets are protected property. Exempt property is protected from the creditors. Our attorney can answer any questions you have about the type of property you have. He can explain how Chapter 7 and Chapter 13 bankruptcy can change your exemptions.

Under Tennessee law, you can keep the following:

  • $5,000 in home equity for single people
  • $7,500 home equity for married couples
  • $25,000 home equity/homestead exemption for people with minor children ($50,000 if married with children)
  • $10,000 for other belongings, including your car
  • $1,900 for "tools of the trade"
  • Clothing (unlimited)
  • Retirement accounts

These exemptions protect your property in a Chapter 7 liquidation. If your property is worth more than the exemptions allowed, we can pay back the amount of nonexempt equity or property in a Chapter 13 reorganization. Our law firm is happy to talk to you about Tennessee property exemptions. There are many items that can vary on a case-by-case basis, such as cash, bank accounts, furniture, art and other items.

Contact a Tennessee Personal Bankruptcy Attorney

Contact bankruptcy lawyer Eric Fox today to schedule your free initial consultation and learn more about exemptions. We can be reached toll free at 888-808-7604 or locally at 615-338-5291. You may also contact us online.

We are located in the Hazel Path office complex and offer free parking near the lake, off Main Street. Our office hours are Monday through Friday from 8:30 a.m. to 5:00 p.m., with evening and weekend appointments available upon request.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.