Virginia Bankruptcy Exemptions
Only the State Exemptions are Allowed
Homestead (an additional $500 in value for each dependent. (VA Code 34-4.) Additional property for a disabled veteran, $2,000.) |
$5,000* |
Homestead allowance for surviving spouse |
$15,000 |
Wearing Apparel |
$1,000 |
Wedding and engagement rings, family portraits and heirlooms |
$5,000 |
Household furniture |
$5,000 |
Exempt property of decedent |
$15,000 |
Farmer's equipment |
$4,000 |
Motor vehicle |
$2,000 |
Court award or settlement proceeds from personal injury or wrongful death actions generally are also exempt. (VA Code 34-28.1.) |
|
Tools of trade |
$10,000 |
* unused homestead, $5,000
NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.
