'What Can I Keep?' - A Very Good Question With A Very Good Answer

If you are considering bankruptcy, your days may be filled with bad news as bills keep coming that you cannot pay and creditors start calling and harassing you. Getting straight answers to your questions can seem like a losing battle as creditors use a variety of high-pressure strategies. In fact, though, a bankruptcy law firm on your side is a valuable source of information and input — a source of answers personalized to your unique circumstances.

The Childress Firm, PLLC, in Bartlett, Tennessee, represents clients from throughout the Memphis metro area, Shelby County and elsewhere in Tennessee. We often have the privilege of delivering the good news to people who are filing Chapter 7 or Chapter 13 bankruptcy that they can keep most or all of their assets. This is true in a great many cases.

You may have heard tales from long ago of bankruptcy as a desperate measure that left people at the curb with no belongings and nowhere to go. In fact, however, Tennessee state laws allow for exemptions: namely, assets that debtors can leave out of their bankruptcies, including:

  • Up to $5,000 equity in your home — and more if you are married or have a dependent child
  • Up to $12,500 equity in your home if you are over age 62 — and more if you are married
  • Personal property such as family pictures and portraits
  • Clothing and health aids
  • Health savings accounts
  • Personal injury and wrongful death recoveries up to $7,500 and $10,000, respectively
  • A wild card exemption up to $10,000, which may be used to protect car equity
  • 401(k) accounts and other retirement accounts
  • Most public assistance and insurance benefits

Everyone's financial story is unique. A frank discussion with a lawyer is a smart way to get on the road to resolution of overwhelming debt. Request a consultation with attorney Theresa Childress regarding exemptions. Get personalized answers to a critical question about bankruptcy: "What can I keep?"

Talk To A Lawyer For A Straight Answer Suitable To Your Unique Situation

Learn more about the benefits of filing Chapter 7 or Chapter 13 bankruptcy in Tennessee. Call 901-318-3719 or send an email inquiry.