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Because of the large disparity in value, in most cases, between homes
and personal property, these two broad categorizations are treated
differently for purposes of exempting property. Many personal items do
not require legal title, and have limited resale value. Clothes, dishes,
and household appliances rarely recovery the cost of liquidation and are
not a target of active trustee review. However, cars, boats, expensive
jewelry, financial accounts, and retirement and insurance benefits are
all keenly reviewed under appropriate exemption laws.
According to Tennessee bankruptcy law, once discussing a case with a bankruptcy lawyer, Tennessee bankruptcy courts
require disclosure of attorney fees paid. The primary purpose of this
provision is aimed at revealing debtors who may attempt to secret assets
based on the advice obtained from an attorney or law firm. Any debtor
who fails to disclose consultations with Tennessee bankruptcy attorneys
is subject to sanctions, including the dismissal of the case.
See also: Tennessee Homestead Exemption.
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