In these articles we try to cover the “art” of exemption planning. In Tennessee the amount of assets that a resident can legally exempt from creditors borders on obscene. There is no reason for a Tennessean to envy the exemptions allowed in other states. Exemption planning is quite simple when a client is in good financial health. However, most people do not worry about “exempt” assets until they have reason to worry about creditors taking assets. Actions taken to “hinder, delay or defraud” creditors are void and are frequently crimes. This area of the law has no bright lines. It is always better to do nothing until you have consulted with an expert in this area of the law.
The Law of Exemption Planning
Articles under this Topic will deal with specific cases where a court decided whether a debtor’s attempts to legally keep assets from being taken by creditors or a bankruptcy trustee were proper.
- Hollins v. Webb, 2 SHan. Cas. Tenn. 581 – Jim Moore – 5/6/2008
- Knaves & Fools should NOT be Bankruptcy Lawyers! – Jim Moore – 4/28/2008
- Judge Paine reviews the ‘Factors’ (2007) – Jim Moore – 4/15/2008
This is NOT a “Do It Yourself” topic! IF you are not a lawyer DO NOT take ANY actions based upon what you read here! (Other than the advice to call a lawyer.) If you are a lawyer, in my opinion, until you are familiar with the professional ethical issues involved, you should stay away from this area of law. To speak with a experienced bankruptcy attorney, call (865) 450-5455 or fill out the form here.