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Filing Bankruptcy in Tennessee
File bankruptcy under Tennessee bankruptcy laws to avail debt relief
If you’re in severe debt and considering filing bankruptcy in Tennessee, it’s suggested you avail the services of an experienced Tennessee bankruptcy attorney to represent you in the bankruptcy court. The Tennessee bankruptcy law is very stringent, so it’s important to carefully prepare for your bankruptcy proceedings to avail the maximum benefits offered by the bankruptcy exemptions. The state statute offers two types of bankruptcies - Tennessee Chapter 7 bankruptcy and Tennessee Chapter 13 bankruptcy, depending upon the nature of your debt. It’s important to qualify for either of the two bankruptcies, and Tennessee bankruptcy lawyers are the best experts to guide you how to go about filing your bankruptcy petition.
State exemptions in Tennessee
Federal bankruptcy exemptions not available in Tennessee.
Homestead Exemption
Up to $5000, and a maximum of $7500 for joint owners owning an estate. Spouse and/or child of the deceased owner can claim homestead exemption.
Wages
A minimum of 75% of all earned and unpaid wages, in addition of $2.50 every week per child. The bankruptcy judge can sanction a greater amount for low-income debtors.
Wild card
Up to $4,000 for any personal property.
Automobiles
None available.
Misc.
Alimony owed for 30 days before filing for bankruptcy. Property registered as business partnership.
Tennessee bankruptcy lawyer:
Tennessee bankruptcy laws offer protection to debtors who find it impossible to repay their debts. To ensure that only deserving candidates benefit from the bankruptcy protection, the state and federal governments have made it mandatory for the debtors to clear the “means test” - a test which determines the extent of your financial hardship, and your ability to repay the debt you owe to your creditors. This is the most important aspect while applying for your bankruptcy protection, and by availing the bankruptcy related services offered by Tennessee bankruptcy attorneys, it becomes possible to increase your chances of becoming eligible for your bankruptcy application. Certain lawyers are specially trained in Tennessee bankruptcy filings, and it’s recommended you contact one and have him or her represent you in the court, and arbitrate on your behalf to become debt free.
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