Virginia Bankruptcy Exemption List

Only State Exemptions Allowed

Virginia has developed their own list of bankruptcy exemptions and federal exemptions are not allowed. Exemptions were created to help you keep certain assets such public benefits, personal property, wages, pensions or part of your homestead to help you start over after you file bankruptcy.

If you are required to use the state exemption list there may a few federal supplemental exemptions which are allowed. There will not be a matching exemption for all of your property. There also may be certain residency requirements to use the state exemption list. Talk to a Virginia Bankruptcy Attorney about allowable exemptions prior to filing bankruptcy.

Exemptions	Exemption Amount	Statutes
Homestead	$5000 plus $500 per dependent; may also claim rents & profits; sale proceeds exempt to $5000 (husband and wife may double), Cheeseman v. Nachman, 656 F. 2d 60 (4th Cir. 1981); unused portion of homestead may be applied to any personal property May include mobile home Must file homestead declaration before filing for bankruptcy Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	34-4, 34-18, 34-20 In re Goad, 161 B.R. 161 (W.D. Va. 1993) 34-6 In re Harris, 155 B.R. 948 (E.D. Va. 1993)
Miscellaneous	Property of business partnership	50-25
Pensions Also see wages	City, town & county employees ERISA-qualified benefits to $17,500 per year Judges State employees	51.1-802 34-34 51.1-102 51.1-102
Insurance	Accident or sickness benefits Burial society benefits Cooperative life insurance benefits Fraternal benefit society benefits Group life or accident insurance for government employees Group life insurance policy or proceeds Industrial sick benefits	38.2-3549 38.2-4021 38.2-3811 38.2-4118 51.1-510 38.2-3339 38.2-3549
Personal Property You must be a householder to exempt any personal property	Bible Burial plot Clothing to $1000 Family portraits and heirlooms to $5000 total Health aids Household furnishings to $5000 Motor vehicle to $2000 Personal injury causes of action Personal injury recoveries Pets Wedding and engagement rings	34-26(1) 34-26(3) 34-26(4) 34-26(2) 34-26(6) 34-26(4) (a) 34-26(8) 34-28.1 34-28.1 34-26(5) 34-26(1) (a)
Public Benefits	Aid to blind, aged, disabled, AFDC, general relief Crime victims’ compensation unless seeking to discharge debt for treatment of injury incurred during crime Unemployment compensation Workers’ compensation	63.1-88 19.2-368.12 60.2-600 65.2-531
Tools of Trade	Horses, mules, (pair) with gear, wagon or cart, tractor to $3000, plows (2), drag, harvest, cradle, pitchfork, rake, iron wedges (2), fertilizer to $1000 of farmer (you must be a householder) Tools, books and instruments of trade, including motor vehicles, to $10,000, needed in your occupation or education (you must be a householder) Uniforms, arms, equipment of military member	34-27 34-26 44-96
Wages	Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors	34-29
Wild Card	Unused portion of homestead, of any personal property $2000 of any property for disabled veterans (you must be a householder)	34-13 34-4.1

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