Virginia Bankruptcy Exemptions
Homestead
34-4 - $5,000 plus $500 per dependent: Tenancies by the entirety are exempt
without limitation as to debts of one spouse [In re Harris, 155 B.R. 948 (E.D.Va.
1993)]. Sale proceeds are exempt up to $5,000(34-20). Must file homestead
declaration prior to filing for bankruptcy (34-6).
64.1-151.3 - Minor children may claim exemption if there is no surviving
spouse. A surviving spouse may claim up to $15,000.
Personal Property
34-4.1 - $2,000 of any property of a disabled veteran who is a householder.
34-13 - Unused homestead.
34-26 - Motor vehicle up to $2,000; wearing apparel up to $1,000; household
furnishings up to $5,000; family portraits and heirlooms up to $5,000;
burial plot; wedding and engagement rings, family Bible; animals owned as
pets, provided they are not raised for sale or profit; and medically
prescribed health aids.
23-38.81 - Prepaid tuition contracts.
Wages
34-29 - Greater of the following: 40 times the federal minimum hourly wage
or minimum of 75% of disposable weekly earnings. Judge may approve more for
low income debtor.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
34-34 - ERISA-qualified benefits up to $25,000.
51.1-124.4 - State employees.
51.1-802 - County, city and town employees.
51.1-200 - State police officers.
51.1-300 - Judges.
Public Benefits
3.1-1111.1 - Payments to tobacco farmers.
19.2-368.12 - Crime victims' compensation, unless seeking to discharge debt
for treatment of crime-related injury.
60.2-600 - Unemployment compensation.
63.2-506 - General assistance and aid to blind, aged, and disabled.
65.1-82 - Workers' compensation.
Tools of Trade
44-96 - Arms, uniforms and equipment of a military member.
34-26 - Tools, books, instruments, implements, equipment, and machines,
including motor vehicles, vessels, and aircraft, necessary for use in
occupation or trade up to $10,000.
34-27 - For farmer: tractor to $3,000, 1 wagon or cart, pair of horses, pair
of mules with gear; fertilizer to $1,000; 2 plows, harvest cradle, 2 iron
wedges, pitchfork and rake.
Insurance
38.2-3122 - Life insurance proceeds, dividends, interest, loan, cash, or
surrender value.
38.2-3339 - Group life insurance policy or proceeds.
38.2-3406 - Accident, sickness or industrial sick benefits.
38.2-3811 - Cooperative life insurance benefits.
38.2-4021 - Burial society benefits.
38:2-4118 - Fraternal benefit society benefits.
51.1-510 - Group life or accident insurance for government officials.
Miscellaneous
50-73.105 - Business partnership property.