Virginia Bankruptcy Exemptions
The chart below contains a summary of Virginia state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of Virginia bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Virginia Bankruptcy Law
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Virginia Homestead||$5,000 but $500 per dependent; if debtor is over 65 years old, to $10,000||34-4; 34-18; 34-20|
|Wages||Minimum 75% of weekly disposable earnings or 40 times the Federal minimum hourly wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors.||34-29|
|Automobile||Up to $2,000||34-26(8)|
|Other property||Life insurance proceeds||38.2-3122|
|Property of business partnership||50-73.108|
|Household furnishings to $5,000||34-26(4a)|
|Clothing to $1,000||34-26(4)|
|Tools, books, and instruments of trade (including an automobile) needed in debtor’s occupation or education to $10,000||34-26(7)|
|Wildcard||Unused portion of homestead or personal property exemption; $10,000 of any property for disabled veterans||34-13; 34-4.1|
Note: While this reference information is current as of October 2010, it may not reflect the most up-to-date exemption figures on official state of Virginia bankruptcy court statutes.