Virginia Bankruptcy Exemption

Virginia Bankruptcy ExemptionsThis list of exemptions updated January 2009. All law references are to Code of Virginia unless otherwise noted. Federal bankruptcy exemptions are not available in Virginia.

Homestead

34-4 - $5,000 plus $500 per dependent: Tenancies by the entirety are exempt without limitation as to debts of one spouse [In re Harris, 155 B.R. 948 (E.D.Va. 1993)]. Sale proceeds are exempt up to $5,000(34-20). Must file homestead declaration prior to filing for bankruptcy (34-6).

64.1-151.3 - Minor children may claim exemption if there is no surviving spouse. A surviving spouse may claim up to $15,000.

Personal Property

34-4.1 - $2,000 of any property of a disabled veteran who is a householder.

34-13 - Unused homestead.

34-26 - Motor vehicle up to $2,000; wearing apparel up to $1,000; household furnishings up to $5,000; family portraits and heirlooms up to $5,000; burial plot; wedding and engagement rings, family Bible; animals owned as pets, provided they are not raised for sale or profit; and medically prescribed health aids.

34-28.1 - Personal injury recoveries and causes of action.

23-38.81 - Prepaid tuition contracts.

Wages

34-29 - Greater of the following: 40 times the federal minimum hourly wage or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtor.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

34-34 - ERISA-qualified benefits up to $25,000.

51.1-124.4 - State employees.

51.1-802 - County, city and town employees.

51.1-200 - State police officers.

51.1-300 - Judges.

Public Benefits

3.1-1111.1 - Payments to tobacco farmers.

19.2-368.12 - Crime victims' compensation, unless seeking to discharge debt for treatment of crime-related injury.

60.2-600 - Unemployment compensation.

63.2-506 - General assistance and aid to blind, aged, and disabled.

65.1-82 - Workers' compensation.

Tools of Trade

44-96 - Arms, uniforms and equipment of a military member.

34-26 - Tools, books, instruments, implements, equipment, and machines, including motor vehicles, vessels, and aircraft, necessary for use in occupation or trade up to $10,000.

34-27 - For farmer: tractor to $3,000, 1 wagon or cart, pair of horses, pair of mules with gear; fertilizer to $1,000; 2 plows, harvest cradle, 2 iron wedges, pitchfork and rake.

Insurance

38.2-3122 - Life insurance proceeds, dividends, interest, loan, cash, or surrender value.

38.2-3339 - Group life insurance policy or proceeds.

38.2-3406 - Accident, sickness or industrial sick benefits.

38.2-3811 - Cooperative life insurance benefits.

38.2-4021 - Burial society benefits.

38:2-4118 - Fraternal benefit society benefits.

51.1-510 - Group life or accident insurance for government officials.

Miscellaneous

50-73.105 - Business partnership property.Other - Add any applicable Federal Nonbankruptcy Exemptions


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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed are prepared by Rica Gilmore.