What Are The Different Types Of Bankruptcy Exemptions In Tennessee?
Among the schedules that you must file in your bankruptcy case is a schedule of “exempt” property. The Bankruptcy Code allows you to protect some property from the claims of creditors because it is exempt under federal bankruptcy law or under state law. Debtors may have the option of choosing between the more generous federal exemptions or the exemptions of your state, and sometimes even the exemptions of another state.
The bankruptcy process should be done strategically. You need trusted representation who thoroughly understands your specific situation and circumstances and is equipped to find all possible exemptions available to you.
We take an aggressive approach to claim all allowable exemptions and may suggest strategies to increase your exemptions to allow you to keep your hard-earned property. You may find information on the Means Test useful.
Do I Qualify For A Bankruptcy Exemption?
At The Law Offices of Philip F. Counce, we take the time to know our clients and their circumstances rather than pushing cases through in volume. This attention to detail allows us to help clients carefully plan their bankruptcy and the manner in which they file. Details and dates can make a difference in whether you keep or lose any property in bankruptcy. We guide you through this process, fully informing you of all options and possible exemptions that might be available to you.
It is important to know before filing if you risk losing your home or other property in bankruptcy. We will review your assets and debts and advise you beforehand of any risks, and tell you about any prebankruptcy planning that would maximize your exemptions and save your property.
Don’t take on your creditors alone!
Call or email the Counce Law Firm at 901-201-6012.
Free confidential consultation with a lawyer, not a paralegal.
We take the time to understand your needs and answer all of your questions. While we want to solve your problem quickly, it’s important that you are comfortable with the process, and understand how it will impact you. These thoughtful conversations enable us to ensure the best possible outcomes.
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Will I Lose My House?
Homeowners in the state of Tennessee can claim an exemption for their residence. The amount of the exemption depends on your age, type of ownership, and the presence of minor children.
As a rule a couple with children can exempt up to $50,000 of their equity, and an individual with children can exempt $25,000. Seniors are also eligible for higher exemptions than individuals without children. Other considerations in addition to exemptions can be figured in determining whether you keep or lose your home by filing Chapter 7, so you need skilled legal guidance in pursuing all exemptions and strategies available to you. When your equity is more than your exemption, you should consider Chapter 13, since your home cannot be sold against your will.
Will I Lose My Car Or Household Goods? Personal Property Exemptions.
There are exemption laws that you may claim on your car and other property. These exemptions must be spread out among all of your personal property, so we consider the condition, age, and mileage of your car to properly value and exempt only the amount needed, preserving the remaining exemptions for your household goods.
Just like your home, the Chapter 13 trustee cannot sell your car and household goods even when the equity in these items exceeds your exemptions. So Chapter 13 bankruptcy should be considered when the value of your personal property exceeds your exemptions. Learn how you can stop creditor harassment and whether you should file individually or jointly.
Will I Lose My Retirement Accounts? Retirement Exemptions.
A common mistake that people make when they face financial struggles is to take money out of their retirement accounts to pay bills in an attempt to avoid bankruptcy. In reality, these accounts are generally exempt from the bankruptcy process and will not be lost.
Bankruptcy Planning And Strategies
While each state has its own set of exemption laws, some careful planning and tactical actions can be taken to maximize your exemptions or allow the use of the more generous federal exemptions. Our approach and detailed planning ensures that our client’s keep as much of their hard-earned property as possible as they go through the bankruptcy process.
Contact Us Today
Call now to learn about what options are available to you in your particular financial situation. Contact our law firm today online or call 901-201-6012 to schedule a FREE CONFIDENTIAL CONSULTATION.
Unlike many firms you will always discuss your financial situation with an attorney, not a paralegal or assistant.
We are a Title 11 Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This ad does not create an attorney-client relationship until a written agreement is signed.