Virginia Bankruptcy Exemptions, Laws, and Resources

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Federal bankruptcy exemptions available? NO

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.

Resources:

United States Bankruptcy Court, Eastern District of Virginia

United States Bankruptcy Court, Western District of Virginia

Virginia Bankruptcy Attorneys

Virginia Bankruptcy Exemptions
Assets Exemption State Statutes
Homestead Homestead: up to $5,000 plus an additional $500 for each dependent of the debtor. 34-4
Rents and profits or funds from sale of exempt homestead property 34-18; 34-20
Unused homestead exemption: up to $5,000 for any personal property. 34-4
Debtor must file homestead declaration before filing for bankruptcy in order to take the exemption. 34-6
Exemption if owner deceased: up to $20,000 for surviving spouse; if no surviving spouse, up to $20,000 for minor children.  64.2-311
Insurance Life insurance proceeds: all. 38.2-3122
Group life insurance policy/proceeds: all. 38.2-3339
Sickness or accident benefits 38.2-3406
Industrial benefits for illness: all. 38.2-3549
Cooperative life insurance benefits: all. 38.2-3811
Burial society benefits: all. 38.2-4021
Benefits from a fraternal benefit society: all. 38.2-4118
Group life or accident insurance benefits for government officials: all. 51.1-510
Miscellaneous Property owned by business partnership: all. 50-73.108
Pensions Federal pension exemptions.
Benefits qualified under ERISA 34-34
State employee pensions: all. 51.1-124.4(A)
State police officer pensions: all. 51.1-200
Judge pensions: all. 51.1-300
City, town, and county employee pensions: all. 51.1-802
Personal Property Contracts for prepaid tuition: all. 23-38.81(E)
Bible: 1 family Bible. 34-26(1)
Engagement and wedding rings: all. 34.26(1a)
Heirlooms and family portraits: up to $5,000 total. 34-26(2)
Burial plot: all 34-26(3)
Preneed funeral contract: up to $5,000. 34-26(3)
Clothing: up to $1,000. 34-26(4)
Household furnishings: up to $5,000. 34.26(4a)
Pets: all. 34-26(5)
Health aids: all medically prescribed. 34-26(6)
Motor vehicle: up to $6,000. 34-26(8)
Recovery and claim for personal injury: all. 34-28.1
Public Benefits Payments to tobacco farmers: all. 3.2-3107
Crime victim's compensation benefits: all unless debt is for treatment of injury incurred during crime. 19.2-368.12
Unemployment compensation benefits: all. 60.2-600
General relief benefits: all. 63.2-506
Blind, aged, and disability benefits: all. 63.2-506
Worker's compensation benefits: all. 65.2-531
Tools of Your Trade Tools, books, and instruments necessary for trade or education, including motor vehicle: up to $10,000 total. 34-26(7)
For farmer, horses or mules with gear: up to 2. 34-27
For farmer, 1 tractor: up to $3,000. 34-27
For farmer, 1 wagon or cart, 2 plows and wedges; 1 drag, harvest cradle: up to $1,000 total. 34-27
For military member, arms, equipment, and uniforms: all. 44-96
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
Wildcard For disabled veterans, any property: up to $10,000. 34-4.1
Any personal property: any unused part of the homestead exemption. 34-13

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