Though the provisions are not included in the Virginia statutory homestead exemption, courts have held that the exemption can apply to a mobile home and that real property owned by a married couple as a tenancy by the entirety may be exempt if only one of the spouses is the debtor.
The references to Virginia statutes are to the Code of Virginia.
| Virginia Bankruptcy Exemptions
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| Assets |
Exemption |
State Statutes |
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| Homestead |
Homestead: up to $5,000 plus an additional $500 for each dependent of the
debtor. |
34-4 |
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Rents and profits or funds from sale of exempt homestead property: up to
$5,000. |
34-18; 34-20 |
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Unused homestead exemption: up to $5,000 for any personal property. |
34-4 |
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Debtor must file homestead declaration before filing for bankruptcy in
order to take the exemption. |
34-6 |
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Exemption if owner deceased: up to $15,000 for surviving spouse; if no
surviving spouse, up to $15,000 for minor
children. |
64.1-151.3 |
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| Insurance |
Life insurance proceeds: all. |
38.2-3122 |
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Group life insurance policy/proceeds: all. |
38.2-3339 |
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Sickness or accident benefits |
38.2-3406 |
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Industrial benefits for illness: all. |
38.2-3549 |
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Cooperative life insurance benefits: all. |
38.2-3811 |
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Burial society benefits: all. |
38.2-4021 |
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Benefits from a fraternal benefit society: all. |
38.2-4118 |
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Group life or accident insurance benefits for government officials: all. |
51.1-510 |
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| Miscellaneous |
Property owned by business partnership: all. |
50-73.108 |
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| Pensions |
Federal pension exemptions. |
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Benefits qualified under ERISA: up to $25,000. |
34-34 |
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State employee pensions: all. |
51.1-124.4(A) |
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State police officer pensions: all. |
51.1-200 |
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Judge pensions: all. |
51.1-300 |
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City, town, and county employee pensions: all. |
51.1-802 |
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| Personal Property |
Contracts for prepaid tuition: all. |
23-38.81(E) |
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Bible: 1 family Bible. |
34-26(1) |
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Engagement and wedding rings: all. |
34.26(1a) |
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Heirlooms and family portraits: up to $5,000 total. |
34-26(2) |
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Burial plot: all |
34-26(3) |
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Preneed funeral contract: up to $5,000. |
34-26(3) |
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Clothing: up to $1,000. |
34-26(4) |
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Household furnishings: up to $5,000. |
34.26(4a) |
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Pets: all. |
34-26(5) |
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Health aids: all medically prescribed. |
34-26(6) |
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Motor vehicle: up to $2,000. |
34-26(8) |
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Recovery and claim for personal injury: all. |
34-28.1 |
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| Public Benefits |
Payments to tobacco farmers: all. |
3.1-1111.1 |
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Crime victim's compensation benefits: all unless debt is for
treatment of injury incurred during crime. |
19.2-368.12 |
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Unemployment compensation benefits: all. |
60.2-600 |
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General relief benefits: all. |
63.2-506 |
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Blind, aged, and disability benefits: all. |
63.2-506 |
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Worker's compensation benefits: all. |
65.2-531 |
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| Tools of Your Trade |
Tools, books, and instruments necessary for trade or
education, including motor vehicle: up to $10,000 total. |
34-26(7) |
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For farmer, horses or mules with gear: up to 2. |
34.27 |
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For farmer, 1 tractor: up to $3,000. |
34.27 |
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For farmer, 1 wagon or cart, 2 plows and wedges; 1 drag, harvest cradle:
up to $1,000 total. |
34.27 |
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For military member, arms, equipment, and uniforms: all. |
44.96 |
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| Wages |
Wages: at least 75% of the weekly disposable earnings or 40 times the
federal minimum hourly wage, whichever is greater.
The bankruptcy judge may allow a larger exemption for low-income debtors. |
34-29 |
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| Wildcard |
For disabled veterans, any property: up to $2,000. |
34-4.1 |
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Any personal property: any unused part of the homestead exemption. |
34-13 |
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