Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Tennessee.
Homestead: Real property up to $5,000 for singles, $7,500 for marrieds, $12,500 for singles age 62+, $20,000 for marrieds with one spouse age 62+, $25,000 for marrieds age 62+; life estate; 2-15 year lease. Spouse or children of deceased owner may claim homestead exemption. Property held as tenancy by the entirety may be exempt against debts owed by only one spouse.
Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for public employees, state and local government employees and teachers. IRA exemptions for conventional, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,245,000 per person.
Insurance: Accident, health or disability benefits. Homeowner's insurance proceeds to $5,000. Fraternal society benefits.
Personal Property: Bible. Schoolbooks. Pictures. Portraits. Clothing and storage containers. Burial plot up to 1 acre. Health aids. Lost earnings payments for you or person supported you. Personal injury recoveries up to $7,500 (excluding pain and suffering); wrongful death recoveries up to $10,000; maximum of $15,000 total for personal injury, wrongful death and crime victim's compensation.
Tools of Trade: Tools and implements up to $1,900.
Miscellaneous: Business partnership property. Alimony owed for 30 days prior to filing bankruptcy.
Wages: 75% of earned but unpaid wages, and $2.50 per week per child.
Public Benefits: Unemployment compensation. Workers' compensation. Social Security. Veteran's benefits. AFDC. Aid to blind. Aid to disabled. Crime victim's compensation up to $5,000. Local public assistance. Old-age assistance.
Wild Card: $4,000 in any personal property.