• Home
  • Our Mission
  • Meet The Team
  • Testimonials
  • Blog
  • Contact
  • Call Us Today: (615) 264-5695

Bankruptcy Law Attorney Hendersonville TN - Erickfox

Eric Fox is experienced in Bankruptcy Law, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Negotiation and Estate Planning Law cases in Hendersonville TN.

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

November 6, 2014

Chapter 7 and Bankruptcy Exemptions

Tennessee residents may know that when people file for Chapter 7 bankruptcy, their property can be sold to help pay down existing debts. In a Chapter 7 bankruptcy, property is collected by the trustee and placed into the bankruptcy estate. This money is distributed to creditors before the debtor receives a discharge of remaining debt. People may be under the impression that all of their property, therefore, will be lost if they file for bankruptcy. This can make some people reluctant to file if they believe they are going to lose everything. However, this is not the case, bankruptcy exemptions help to keep some property from the bankruptcy estate.

In a Chapter 7 bankruptcy, people can exempt a portion of their property. This means that they can keep a certain percentage of their property. These exemptions allow debtors to keep enough property so that they won’t be destitute following the bankruptcy. This property can be used in their new life to help them get on their feet following the bankruptcy.

The exact exemptions that can be taken in a bankruptcy vary by state. Tennessee has its own set of exemptions, therefore. Also, the federal bankruptcy code provides for exemptions. In general, expensive items, luxury items, heirlooms and other valuable personal property is not exempt. This type of property will be added to the bankruptcy estate and sold in many cases.

Exempt property often includes retirement savings, clothing, necessary household goods, appliances and some jewelry. Many exemptions also allow people to keep a certain amount of value in a home and car. A portion of a person’s income, public benefits and money from personal injury settlements is also often exempt from the estate.

A bankruptcy attorney can help people determine how much property would be exempt if they were to file for bankruptcy. In many cases, people are able to keep the majority of their personal belongings.

Source: Findlaw.com, “Exempt vs. Non-exempt Property Under Chapter 7,” accessed Nov. 3, 2014

Article by Eric Fox / Bankruptcy, Chapter 7, Collections, Debt, Foreclosure / attorney, bankruptcy, bankruptcy attorney, bankruptcy proceeding, Chapter 13 bankruptcy, Chapter 7, Chapter 7 bankruptcy, consumer debt, credit card debt, debt, debt management, debt relief, debtor, foreclosure, fox law, gallatin, hendersonville, law, law firm, law office of eric k fox, lawyer, personal injury, property, struggling with debt, sumner county, tennessee Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Bankruptcy
  • Chapter 13
  • Chapter 7
  • Collections
  • Debt
  • Foreclosure
  • Personal Injury
  • Retirement
  • Uncategorized

Archives

  • January 2022
  • August 2020
  • July 2020
  • March 2018
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • July 2010
  • June 2010

Fox Law

Whitehall Building
103 Hazel Path Court, Suite 6
Hendersonville TN 37075

Monday - Thursday: 8AM - 5PM
Friday: 8AM - 3:30PM
Weekend and Evening Hours by request
Local Phone: (615) 264-5695
Fax: (615) 264-5655
Email: eric@ericfoxlegal.com

Practice Areas

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

About Us

  • Our Mission
  • Meet The Team
  • Testimonials
  • Contact

Connect

FB icon
Linkedin icon
Google plus icon

Bankruptcy Attorney - Erickfox
Bankruptcy Attorney Hendersonville TN - Erickfoxn
Debt Relief - Erickfox
Estate Planning Hendersonville TN - Erickfox

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

This website is not intended to constitute legal advice creating an attorney-client relationship.


© Copyright 2015 The Law Office of Eric K. Fox · Website Design by StorySellers