#Abandoned farms for sale in tennessee code

If you need to file for bankruptcy, you can claim the homestead exemption. This means that homeowners don’t have to file a homestead claim at all. This chart gives a great comparison of what Tennessee’s exemptions offer versus other states.Ī homestead exemption is granted as an ‘automatic benefit’ in Tennessee. The aggregate value of such homestead exemption shall not exceed five thousand dollars ($5,000) provided, individuals who jointly own and use real property as their principal place of residence shall be entitled to homestead exemptions, the aggregate value of which exemptions combined shall not exceed seven thousand five hundred dollars ($7,500), which shall be divided equally among them in the event the homestead exemptions are claimed in the same proceeding provided, if only one (1) of the joint owners of real property used as their principal place of residence is involved in the proceeding wherein homestead exemption is claimed, then the individual's homestead exemption shall be five thousand dollars ($5,000).” Section (a) of the homestead exemption states that: “An individual, whether a head of family or not, shall be entitled to a homestead exemption upon real property which is owned by the individual and used by the individual or the individual's spouse or dependent, as a principal place of residence.

#Abandoned farms for sale in tennessee code

Yes, it does! The homestead exemption can be found in the Tennessee Code Annotated § 26-2-301.