Virginia Bankruptcy Filing - VA Bankruptcy Exemptions and Court Information

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE All Bankruptcy references are to Code of Virginia unless otherwise noted.
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), Debtors aged 65 and older may exempt up to $10,000. Surviving spouses or minors are eligible for a $15,000 homestead exemption; 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, (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
MISC.	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
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 up to $3,000 for one firearm Motor vehicle to $6000 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

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