
Quoting
Tennessee Bankruptcy Exemptions
In a Chapter 7, most of your property will be sold by a Chapter 7 trustee and the money will be given to your creditors. You can keep some of your property if it is considered to be exempt property under the laws of Tennessee. You can protect up to $4,000 worth of property that is not real estate (personal property). If you own the house in which you live, it might be sold in bankruptcy. However, a single homeowner can exempt $5,000 from the sale and a married couple filing bankruptcy together can exempt $7,500. There are other exemptions an attorney can discuss with you.
Also, in a Chapter 7, if a debt is secured (you granted a creditor an interest in property, such as a home or car, to secure payment of the debt), you will probably be required to surrender the property, unless you become re-obligated to the creditor on that debt (reaffirmation of debt).
In a Chapter 13, you usually keep all of your exempt and nonexempt property so long as you make monthly payments, as approved by the court, to the Chapter 13 trustee.