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Virginia Bankruptcy Exemption
Homestead:
Exemption for homestead is up to $ 5000 plus $ 500 per dependent. Sale proceeds of homestead are also exempted up the extent of $ 5000 and may be applied to any personal property including mobile home. Veteran's Property: Personal property of disabled veteran (must be over 40 % of disability) are exempted up to the extent of $ 2000. Wages: Disposable earnings up to the extent of 75% or 30 times the federal minimum hourly wage per week, whichever is greater. Professional Tools and Implements: Equipment and machines required for carrying out trade or profession including motor vehicles, vessels and aircrafts which are meant for professional usage only. Automobile: Motor vehicle for personal usage is exempted up to the extent of $ 2000. Heirloom: Heirlooms and family portraits are exempted up to the worth of $ 5,000. Wearing Apparels: Wearing apparels are exempted up to the extent of $ 1000. Household Furniture: Exemption for household furniture is up to $ 5,000. Retirement Plan: Debtor’s interest in retirement plan is exempted up to the extent of annual benefit of $ 17,500. Agriculture & Husbandry: One pair of horses or mules with necessary gearing, 1 wagon or cart, 1 tractor (up to $ 3000) , 2 plows, 1 drag, 1 harvest cradle, 1 pitchfork, 1 rake, 2 iron wages, fertilizers ($ 1000 for fertilizers). Total or Absolute Exemptions for:
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