Posts Tagged ‘Virginia bankruptcy exemptions’

Virginia Bankruptcy Exemptions

The provisions for Virginia bankruptcy exemptions do not allow you to replace the same with the federal set of exemptions. Your options are limited to using the state-specified exemptions only if you are getting bankrupt under chapter 7 of the bankruptcy code in the state of Virginia.


If you have not used the 100% of homestead exemption limit, you can use the unused portion to exempt any personal property of your choice. Besides that, Virginia bankruptcy laws also specify that if a debtor is a disabled veteran, he/she is allowed to exempt an additional up to $2000 for any property in the wildcard category.


The laws regarding Virginia bankruptcy exemptions allow you to exempt either forty times of the minimum hourly wages as per federal standard or a minimum 3/4th of the weekly wages, whichever is higher. However, those debtors who have very low monthly income can qualify for a much higher exemption limit also as per court order.

Tools of trade

In this category, the exemptions can be availed in the following manner.

- Full exemptions for the uniforms, equipment and arms for a military member
- Framers can keep one drag, harvest cradle; two plows and wedges; and one wagon or cart but the maximum value in aggregate total must not exceed $1000. Framers are also allowed to keep one tractor up to $3000 in equity value and up to two mules or horses with gear.
- In general, debtors can exempt motor vehicles, instruments, books and other tools that are needed for a trade – the maximum limit is $1000 in aggregate total.

Public Benefits

You can avail Virginia bankruptcy exemptions in full for the following types of public benefits.

- Worker’s compensation benefits
- Aid to disabled, aged, and blind
- General relief benefits
- Unemployment compensation benefits
- Crime victim’s compensation benefits
- Payments to tobacco farmers

Personal Property

Various types of personal properties are exemptible in the following manner.

- 100% of claim and recovery for personal injury
- Up to $2,000 in motor vehicle
- 100% of medically prescribed health aids
- All Pets
- Up to $5,000 in household furnishings
- Up to $1,000 in clothing
- Up to $5,000 in Pre-need funeral contract
- 100% of Burial plot
- Up to $5,000 in aggregate total in Heirlooms and family portraits
- All of wedding and engagement rings
- One family Bible
- All of contracts for prepaid tuition


Virginia bankruptcy exemptions can be availed in full for the following types of pensions.

- county, town, and city employee pensions
- Judge pensions
- State police officer pensions
- State employee pensions
- Federal pension exemptions

Retirement Savings Accounts

You can exempt up to $25,000 in Benefits qualified under ERISA.


You can all of those assets and properties that you are using in a business partnership where you are one of the partners.


100% exemptions are available for the following types of insurance benefits also.

- Government officials can exempt group accident or life insurance benefits
- Benefits from a fraternal benefit society
- Burial society benefits
- Cooperative life insurance benefits
- Industrial benefits for illness
- Accident or sickness benefits
- Group life insurance proceeds/ policy
- Life insurance proceeds


The following provisions apply when it comes to Virginia bankruptcy exemptions for homestead properties.

- If the owner is deceased, the surviving spouse can exempt up to $15000. If there is no surviving spouse, minor children can get up to $15000 of equity value in that property exempted under the Virginia bankruptcy laws.
- In order to be eligible for the exemptions in the homestead category, it is legally mandatory for the debtor to file homestead declaration before bankruptcy filing.
- Up to $5,000 from the unused portion of homestead exemptions can be used to exempt any other personal property of your choice
- Up to $5,000 can be exempted in the funds, profits and rents from sale of exempt homestead property
- The maximum homestead exemption limit is $5000. Besides that, the debtor can also exempt an additional $500 for every family member who is dependent on the debtor.

It is however very important for you to keep in mind that the exact details of the Virginia bankruptcy exemptions that might be applicable in your case will depend on an array of factors. Therefore, it is always better to discuss your case with a qualified and experienced Virginia bankruptcy attorney in order to get a more accurate evaluation.

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?