Virginia State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Virginia law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$5,000 homestead exemption plus $500 for each dependent.
Wages
75 percent of weekly earnings or 30 times the federal minimum hourly wage,
whichever is greater.
Automobiles
$2,000 in one motor vehicle.
Other Property
Family bible; wedding and engagement rings; family portraits and heirlooms not
to exceed $5,000 in value; one burial lot and one preneed funeral
contract not to exceed $5,000; $1,000 in clothing; household
furnishings not to exceed $5,000 in value; all pets; all medically
prescribed health aids; $10,000 in tools of the trade.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete Virginia bankruptcy
exemptions here
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