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 $10,00034-4; 34-18; 34-20
WagesMinimum 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
AutomobileUp to $2,00034-26(8)
Other propertyLife insurance proceeds38.2-3122
Property of business partnership50-73.108
Household furnishings to $5,00034-26(4a)
Clothing to $1,00034-26(4)
Burial plot34-26(3)
Tools, books, and instruments of trade (including an automobile) needed in debtor’s occupation or education to $10,00034-26(7)
WildcardUnused portion of homestead or personal property exemption; $10,000 of any property for disabled veterans34-13; 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.

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Go to Complete State of Virginia bankruptcy exemptions laws.

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