Schedule C lists your personal property and what exemption, if any, you are claiming on each piece of personal property. Exemptions are dollar amounts of certain types of property that the law says should be protected from your creditors. Exemptions are state specific, which means you get different exemptions depending on where you file your bankruptcy case.
In Tennessee, for example, you are allowed up to $10,000 worth of “personal property” per adult person filing. Personal property includes things like cash, bank and some other financial accounts, the equity in your vehicles, any sports equipment, photography equipment, hunting equipment/supplies, firearms, ATV’s, boats, and similar type items.
The amount of equity that is exempt, or that is protected from creditors, in Tennessee in your residence varies based on your marital status, age, and whether you have children. Children generally means under 18 or still in school and that live with you. Here are the current equity amounts you are allowed to have:
* Single, under 62, no children: $5,000
* Single, over 62, no children: $12,500
* Single, with children: $25,000
* Married, under 62, no children: $7,500
* Married, one person over 62, no children: $20,000
* Married, both people over 62, no children: $25,000
* Married, with children, $50,000
There are lots of other exemptions that apply to different types of personal property. Be sure to tell your attorney about all of the property you have so your attorney can discuss these exemptions with you and how they work in your case. And even if you have more equity than the allowed amount, that doesn’t mean you can’t file bankruptcy. It just means we need to go over how that will work in your particular case. Just another reason you really want an experienced attorney to help you through this process!