Scared to death!!!

[nascar620]

I have an appointment made with a reputable bk lawyer for chapter 7. I have done a ton of reading here and learned a lot leading up to my decision, thank you guys for that.
One thing i havent determined is home exemptions in knoxville tn. I am married, spouse is filing and we have minor children with one on the way. I have read $7500 for joint, I have seen $25000 and some say it's $50000...can someone shed some light on this for me?

My home, we have a first mortgage with $61000 on it and a second with $15000 on it with the home valued at roughly $110,000. I know the lawyer will go over everything with me but i am already losing sleep over this.

Any info would be greatly appreciated.

[jennordhavn]

I found this, so basically it depends on your age:

"Homestead: 26-2-301 - $5,000; $7,500 for joint owners. Tenancies by the entirety are exempt without limit as to debts of one spouse [In re Arang. 136 B.R. 740; affirmed 992 F.2d 611 (6th Cir. 1993)]. Spouse or child of deceased owner may claim. May also claim a life estate or a 2 to 15 year lease. If over 62 years of age, $12,500 for single people and $20,000 for married people; $25,000 if spouse is also over 62 years of age."

If you're filing joint it will be $7500 unless you are over 62. If you are over 62 it is $20,000 and if both you and your spouse are over 62 it is $25000.

[nascar620]

I have seen similar amounts and also found the following which is why i'm really confused. I cannot lose our home, it's next door to my mother who is disabled. I take care of her, if the house is in question i guess i would have to go with 13 instead of 7.

[quote]
Tennessee Code Annotated section 26-2-301(f), which grants an enhanced
homestead exemption of $25,000 to an individual who has custody of one or more minor children,authorizes an enhanced homestead exemption of $25,000 each to a husband and wife having custody
of one or more minor children and filing for bankruptcy jointly, resulting in a total homestead exemption of $50,000.

[notforsale]

Also pre bk in ktown! I have read several case studies that agree with 5O k in TN for couple with kids. Hope all goes well with you!

[nascar620]

I would hate to go through this and still have to suffer for 3-5 years but would to save my home. I have read til my eyes hurt but still don't understand it.

Best of luck on yours also.