When you file for Chapter 7 bankruptcy, you can protect certain property by applying exemptions set out by the law. Sometimes, these exemptions can be confusing, especially when it comes to protecting equity in your home. It is important to have the help of an experienced bankruptcy lawyer in Memphis to ensure you receive the greatest possible protection.
Protecting Your Home in Tennessee
Tennessee provides specific exemptions for equity in your primary residence. The following are some amounts that apply, depending on your situation:
- A single homeowner can exempt $5,000
- Married couples who own property can exempt $7,500
- A single parent with minor dependent children can exempt $25,000
- Married parents with minor dependent children can exempt $50,000
- A single homeowner who is 62 years old or older can exempt $12,500
- Married couples when one is older than 62, and the other is younger than 62 can exempt $20,000
- Married couples when both are older than 62 can exempt $25,000
Some states allow you to select between state and federal law, but Tennessee is not one of them. The above exemptions are the maximum you can apply in a Chapter 7 bankruptcy in Tennessee. The good news is that the exemptions are sufficient for many bankruptcy filers to keep their homes and still receive the benefits of a bankruptcy discharge.
Consult with a Chapter 7 Bankruptcy Lawyer in Memphis Today
If you are considering bankruptcy and are concerned about losing your home, you should let a Memphis bankruptcy attorney evaluate your options and how exemptions can best help you. For a free consultation with the Hurst Law Firm, P.A., do not hesitate to contact us online or call 901.725.1000 as soon as possible. We’re ready to help you obtain the debt relief you need.