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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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Homestead
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$5000; $7500 for joint owners
Life estate
2-15 year lease
Spouse or child of deceased owner may claim homestead exemption
Property held as tenancy by the entirety may be exempt against debts
owed by only one spouse
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26-2-301
26-2-302
26-2-303
26-2-301
In re Arango, 136 B.R. 740, aff’d, 992 F. 2d 611 (6th Cir.
1993)
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Insurance
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Accident, health or disability benefits for resident and citizen of
Tennessee
Disability or illness benefits
Fraternal benefit society benefits
Homeowners’ insurance proceeds to $5000
Life insurance or annuity for spouse/children/dependent
relatives - exempt from all claims
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26-2-110
26-2-111(1) ( C)
56-25-1403
26-2-304
56-7-03
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Miscellaneous
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Alimony owed for 30 days before filing for bankruptcy
Property of business partnership
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26-2-111(1) (E)
61-1-124
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Pensions
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ERISA-qualified benefits
Public employees
State & local government employees
Teachers
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26-2-111(1) (D)
8-36-111
26-2-104
49-5-909
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Personal Property
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Bible, schoolbooks, pictures, portraits, clothing & storage
containers
Burial plot to 1 acre
Health aids
Lost earnings payments for you or person you depended on
Personal injury recoveries to $7500 (not to include pain and
suffering); wrongful death recoveries to $10,000 (you can’t exempt
more than $15,000 total for personal injury, wrongful death & crime
victims’ compensation)
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26-2-103
26-2-305, 46-2-102
26-2-111(5)
26-2-111(3)
26-2-111(2) (B)
26-2-111(2) ( C)
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Public Benefits
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Aid to blind
Aid to disabled
Crime victims’ compensation to $5000 (see personal property)
Local public assistance
Old-age assistance
Social security
Unemployment compensation
Veterans’ benefits
Workers’ compensation
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71-4-117
71-4-1112
26-2-111(2) (A), 29-13-111
26-2-111(1) (A)
71-2-216
26-2-111(1) (A)
26-2-111(1) (A)
26-2-111(1) (B)
50-6-223
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Tools of Trade
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Implements, books & tools of trade to $1900
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26-2-111(4)
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Wages
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Minimum 75% of earned but unpaid wages, plus $2.50 per week per
child; bankruptcy judge may authorize more for low-income debtors
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26-2-106
26-2-107
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Wild Card
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$4,000 of any personal property
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26-2-102
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