Virginia, VA Bankruptcy Exemptions

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The Essential Virginia Bankruptcy Information Guide

Virginia, VA Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Virginia, VA Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Virginia, VA Bankruptcy Exemptions

All law references are to Virginia Bankrutcy Code.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

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

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

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

34-26(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