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Virginia State Bankruptcy Exemptions |
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Virginia State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemptions are not available. All law references are to Code of Virginia unless otherwise noted. |
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| ASSET | EXEMPTION | LAW PROVISION |
| 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) |
| 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 |
| Miscellaneous | Property of business partnership | 50-25 |
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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 |
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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 |
Thursday January 12, 2006