What Exemptions Are Available Under Bankruptcy?
Unfortunately, the myth that you will lose everything if you file for bankruptcy persists. Tennessee bankruptcy law allows you to take advantage of “exemptions” in the law. This can help you hold on to some of your most valued assets.
I am bankruptcy attorney Ben Sissman. For more than 30 years, I have been helping clients throughout the Memphis area get through bankruptcy with little added stress, putting them on the road to financial stability. If you come to my office, I can answer the question of what are bankruptcy exemptions.
Protecting Your Property In The Bankruptcy Process
It will be important to understand the difference between exempt vs. nonexempt property. In Tennessee, you will likely be able to hold onto your:
- Retirement account, pension and Social Security benefits
- Wages, in many cases 100 percent of them
- Car, if it is paid off or if you can continue to make payments
Tennessee also allows you to hold onto $10,000 in personal property. Something important to remember is that means the “real” value of the property, not what you paid for it many years ago. That means in most cases, you will be able to hold onto assets such as furniture.
Additionally, if you are in danger of losing your home, I can help you with a strategy, which could include filing for Chapter 13 bankruptcy, that will give you time to catch up on your mortgage payments.
If you are divorced, you will not be able to get out from under child support or alimony payments. As your lawyer. I will take the time to walk you through what the law states and help you come up with a plan that meets your needs.
Call Today For A Free Initial Consultation
If you want to learn more about bankruptcy exemptions, contact my law firm, Ben Sissman, Attorney at Law, today by calling 901-730-4958. I am ready to help you get through this.
The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.