Tennessee, Statutes of limitations on debt and exemptions for garnishment and bankruptcy

Tennessee STATE LAW

WAGE GARNISHMENT EXEMPTION:

MAXIMUM INTEREST RATE:

– Legal: 10%
– Judgment: 10% or contract rate

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Ended Account (credit cards) 6 years
– Written Contract: 6 years
– Domestic Judgment: 10 years
– Foreign Judgment: 10 years

BAD CHECK LAW:

– Triple damages up to $500, reasonable service charges, attorney's fees and court costs

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Tennessee Code Annotated)

– Cannot use federal exemptions, but can use federal non–bankruptcy exemptions

Real Property:

– Real property used as residence up to $5,000; $7,500 for joint owners [26–2–301]
– Real estate life estate, unlimited amount [26–2–302]
– A two to 15 year lease, unlimited amount [26–2–303]

Personal Property:

– Burial plot, unlimited value, not to exceed one acre, any personal property up to $4,000 [26–2–102]
– Bible and schoolbooks, pictures and portraits, clothing and storage containers, unlimited amount [26–2–103]
– Personal injury recoveries, but not for pain and suffering, up to $7,500 and up to $15,000 for all personal injury, wrongful death and crime victims compensation combined [26–2–111(2)(B)]
– Wrongful death recoveries up to $7,500 and up to $15,000 total for all personal injury, wrongful death and crime victims compensation combined [26–2–111(2)(C)]
– Lost earnings payments [26–2–111(3)]]
– Implements, books, and tools of trade up to $1,900 [26–2–111(4)]
– Health aids, unlimited amount [26–2–111(5)]

Insurance / Annuities:

– Fraternal society benefits, unlimited amount [56–25–1403]
– Homeowners' insurance proceeds to $5,000 [26–2–304]
– Accident, health or disability benefits, unlimited amount [26–2–110]
– Annuity contract proceeds if payable to dependent [56–7–203]
– Disability or illness benefits, unlimited amount [26–2–111(1)(C)]

Pensions / Retirement Plans:

– Retirement benefits, unlimited amount [26–2–111(1)(D)]
– State and local government employees, unlimited amount [26–2–104]
– Public employees, unlimited amount [8–36–111]
– Teachers, unlimited amount [49–5–909]

Public Benefits / Entitlements:

– Unemployment compensation, unlimited amount [26–2–111(1)(A)]
– Workers' compensation, unlimited amount [50–6–223]
– Aid to aged, blind, disabled, and families with dependent children, unlimited amount [71–2–216, 71–3–121, 71–4–117 and 71–4–112]
– Crime victims' compensation to $5,000 and up to $15,000 for all personal injury, wrongful death and victims' compensation [26–2–111(2)(A) and 29–13–111]
– General assistance, unlimited amount [26–2–111(1)(A)]
– Social security, unlimited amount [26–2–111(1)(A)]
– Veterans' benefits, unlimited amount [26–2–111(1)(B)]

Wages:

– 75% of earned, unpaid wages, plus $2.50 per week per child [26–2–106 and 26–2–107]

Miscellaneous:

– Alimony and child support if owed for 30 days before filing bankruptcy [26–2–111(1)(E)(F)]
– Business partnership property, unlimited amount [61–1–124]