Virginia State Bankruptcy Exemptions

Many people think if they file bankruptcy they have to give up all their belongings. This isn’t the case. Certain exemptions are available under federal law, and each state has their own list of exemptions.

Under Virginia state law, bankruptcy exemptions include:

* Your home if the equity (current value of the home minus lien and mortgage balances minus cost of sale) is less than $5000 plus $500 per dependent – this may include a motor home
* One motor vehicle if the equity (current value of the home minus lien and mortgage balances minus cost of sale) is less than $2000
* Military uniforms, arms, and equipment as required by regulations
* Personal injury and wrongful death proceeds
* ERISA-qualified pensions up to $17,500 a year
* Public employee pensions
* Fraternal benefit societies benefits
* AFDC and aid to the blind, aged, and disabled
* Crime victims’, unemployment and workers’ compensation
* Disabled veterans special exemption up to $2000
* At least 75% of wages
* Industrial sick benefit insurance
* Group life insurance benefits
* Cooperative life insurance benefits
* Burial society benefits
* Tools, books, instruments of trade (including motor vehicles) up to $10,000
* Farming equipment:

o pair of plow animals with harness, wagon, cart, or tractor up to $3000
o two plows, one drag, one harvest cradle, pitchfork, rake, and two iron wedges up to $1000

* Personal Property including:

o Family Bibles
o Wedding and engagement rings
o Pets
o Health aids
o Family heirlooms and portraits up to $5000
o Burial plots up to $5000
o Household goods and furniture up to $2000
o Clothes up to $1000

A Virginia bankruptcy lawyer will work with you to make sure your exempted property is protected in your claim. Contact a bankruptcy lawyer today to evaluate your case.