How Do I Claim a Vehicle as Exempt in a Tennessee Bankruptcy?
Full Question:
Answer:
Please see the following TN statutes:
26-2-103. Personal property selectively exempt from seizure.
Personal property to the aggregate value of four thousand dollars
($4,000) debtor's equity interest shall be exempt from execution, seizure
or attachment in the hands or possession of any person who is a bona fide
citizen permanently residing in Tennessee, and such person shall be
entitled to this exemption without regard to the debtor's vocation or
pursuit or to the ownership of the debtor's abode. Such person may select
for exemption the items of the owned and possessed personal property,
including money and funds on deposit with a bank or other financial
institution, up to the aggregate value of four thousand dollars ($4,000)
debtor's equity interest.
26-2-104. Additional personal property absolutely exempt.
(a) In addition to the exemption set out in § 26-2-105, there shall
be further exempt to every resident debtor the following specific
articles of personalty:
(1) All necessary and proper wearing apparel for the actual use of debtor
and family and the trunks or receptacles necessary to contain same;
(2) All family portraits and pictures;
(3) The family Bible and school books.
(b) The exemption under this section is absolute, and may be exercised
by the judgment debtor before or after issuance of any execution, seizure
or attachment by a judgment creditor, unless a judgment creditor, is by
execution, foreclosing a security agreement on such property.
26-2-112. Exemptions for the purpose of bankruptcy.
The personal property exemptions as provided for in this part, and the
other exemptions as provided in other sections of the Tennessee Code
Annotated for the citizens of Tennessee, are hereby declared adequate and
the citizens of Tennessee, pursuant to section 522 (b) (1),
Public Law 95-598 known as the Bankruptcy Reform Act of 1978,
Title 11 U.S.C. § 522 (b) (1), are not authorized to claim as exempt the
property described in the Bankruptcy Reform Act of 1978, 11 U.S.C. 522
(d).
Please see also:
http://www.bcsalliance.com/debt1_tennessee.html
http://www.law.cornell.edu/uscode/11/522.html