National Divorce & Bankruptcy Center

Virginia Bankruptcy Property Exemptions:
What You Can Keep

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EXEMPT PROPERTY: The property you can keep after bankruptcy.

Some property in many states is exempt regardless of its value i.e. "all personal possessions". Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items.

An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.

Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property 

VIRGINIA State Exemptions  (for bankruptcy)

Federal exemptions are NOT  available in VA.

Homestead $5000 plus $500 per dependent; may also claim rents & profits; sale proceeds exempt to $5000
          (husband and wife may double; unused portion of homestead may be applied to any personal
          property.

          May include Mobile home
          Property held as tenancy by the entirety may be exempt against debts owed by only one spouse

Insurance:     Accident or sickness benefits
          Burial society benefits
          Cooperative life insurance benefits
          Fraternal benefit society benefits
          Group life or accident insurance for government officials
          Group life insurance policy or proceeds
          Industrial sick benefits

Miscellaneous    Property of business partnership
                    
Pensions  City, town, county and state employees
          ERISA qualified benefits to $17,500 per year
          Judges
          
Personal  **You must be a householder to exempt any personal property
Property  Bible
          Burial plot
          Clothing to $1,000
          Family portraits and heirlooms to $5,000 total
          Health aids
          Household furnishings to $5,000
          Motor vehicle to $2,000
          Personal injury causes of action
          Personal injury recoveries
          Pets
          Wedding and engagement rings
               
Public         Aid to blind, aged, disabled, AFDC, general relief
Benefits  Unemployment benefits
          Worker's Compensation
          Crime victim's compensation unless seeking to discharge debt for treatment of injury incurred
               during crime

Tools of  Horses, mules (pair) with gear, wagon or cart, tractor to $3,000, plows (2), drag, harvest cradle,
Trade          pitchfork, rake, iron wedges (2), fertilizer to $1,000 of farmer (you must be a householder)

          
Wages          Minimum of 75% of wages earned but unpaid; pension payments; bankruptcy judge may    
          authorize more for low income debtors

Wild Card Unused portion of homestead, of any personal property $2,000 of any property for disabled
               veterans (you must be a householder)