Home » Debt Relief » Bankruptcy » Virginia Bankruptcy

Virginia Bankruptcy

Exemption Court
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:
  • Rents and profits of exempt property.
  • Family Bible.
  • Wedding rings and engagements.
  • Burial lot.
  • Animal as pets.
  • Professionally prescribed medical bills.
  • Tuition prepaid payments.
  • Growing crops.
  • Crime victim's reparation awards.
  • Life insurance proceeds in case of third party beneficiary.
  • Group life insurance policies and proceeds.

Latest Articles

Popular Articles

Latest from OVLG Blog

Page generated in 0.22 seconds