Virginia State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Virginia law provides a number of exemptions that protect your property, and your Virginia TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
$5,000 homestead exemption plus $500 for each dependent.
Wages
75 percent of weekly earnings or 30 times the federal minimum hourly wage, whichever is greater.
Automobiles
$2,000 in one motor vehicle.
Other Property
Family bible; wedding and engagement rings; family portraits and heirlooms not to exceed $5,000 in value; one burial lot and one preneed funeral contract not to exceed $5,000; $1,000 in clothing; household furnishings not to exceed $5,000 in value; all pets; all medically prescribed health aids; $10,000 in tools of the trade.
» Read the complete Virginia bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.