Virginia Bankruptcy Exemption List
Filing for Bankruptcy? You Can Protect Some Property.
Virginia developed their own list of bankruptcy exemptions and federal
exemptions that are allowed. Exemptions were created to help you keep
certain assets such as public benefits, personal property, wages, pensions,
or part of your homestead to help you start over after you
file bankruptcy.
How Do Exemptions Work in Virginia?
Some states allow consumers to choose between state or federal exemptions,
but Virginia requires people to use state exemptions, then federal exemptions
if they will be helpful. A few federal supplemental exemptions 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 at
Price Law Group about allowable exemptions prior to filing bankruptcy.
If you would like to file for bankruptcy, reach out to Price Law Group
online or call (866)210-1722. We have served clients nationwide for
nearly 30 years and have served thousands. Reach out today! ¡Hablamos
Español!
| 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
|