New Bankruptcy Exemptions in Tennessee
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Tennessee has increased its personal asset exemption limit from $4,000 (which was written into the laws in 1980) to $10,000. The new law was passed April 5, 2010, and it went into effect July 1, 2010. This law will help debtors in Tennessee keep a greater amount of possessions, which will help reduce the chance of them becoming burdens of the State. See TCA 26-2-103 (http://www.michie.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=) (not yet updated on the official TCA website as of July 5, 2010) for reference.