Virginia Bankruptcy Exemptions, Laws, and Resources
UPDATED: Jul 16, 2021
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UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Federal bankruptcy exemptions available? NO
Though the provisions are not included in the Virginia statutory homestead exemption, courts have held that the exemption can apply to a mobile home and that real property owned by a married couple as a tenancy by the entirety may be exempt if only one of the spouses is the debtor.
The references to Virginia statutes are to the Code of Virginia.
Resources:
United States Bankruptcy Court, Eastern District of Virginia
United States Bankruptcy Court, Western District of Virginia
| Virginia Bankruptcy Exemptions | ||
|---|---|---|
| Assets | Exemption | State Statutes |
| Homestead | Homestead: up to $5,000 plus an additional $500 for each dependent of the debtor. | 34-4 |
| Rents and profits or funds from sale of exempt homestead property | 34-18; 34-20 | |
| Unused homestead exemption: up to $5,000 for any personal property. | 34-4 | |
| Debtor must file homestead declaration before filing for bankruptcy in order to take the exemption. | 34-6 | |
| Exemption if owner deceased: up to $20,000 for surviving spouse; if no surviving spouse, up to $20,000 for minor children. | 64.2-311 | |
| Insurance | Life insurance proceeds: all. | 38.2-3122 |
| Group life insurance policy/proceeds: all. | 38.2-3339 | |
| Sickness or accident benefits | 38.2-3406 | |
| Industrial benefits for illness: all. | 38.2-3549 | |
| Cooperative life insurance benefits: all. | 38.2-3811 | |
| Burial society benefits: all. | 38.2-4021 | |
| Benefits from a fraternal benefit society: all. | 38.2-4118 | |
| Group life or accident insurance benefits for government officials: all. | 51.1-510 | |
| Miscellaneous | Property owned by business partnership: all. | 50-73.108 |
| Pensions | Federal pension exemptions. | |
| Benefits qualified under ERISA | 34-34 | |
| State employee pensions: all. | 51.1-124.4(A) | |
| State police officer pensions: all. | 51.1-200 | |
| Judge pensions: all. | 51.1-300 | |
| City, town, and county employee pensions: all. | 51.1-802 | |
| Personal Property | Contracts for prepaid tuition: all. | 23-38.81(E) |
| Bible: 1 family Bible. | 34-26(1) | |
| Engagement and wedding rings: all. | 34.26(1a) | |
| Heirlooms and family portraits: up to $5,000 total. | 34-26(2) | |
| Burial plot: all | 34-26(3) | |
| Preneed funeral contract: up to $5,000. | 34-26(3) | |
| Clothing: up to $1,000. | 34-26(4) | |
| Household furnishings: up to $5,000. | 34.26(4a) | |
| Pets: all. | 34-26(5) | |
| Health aids: all medically prescribed. | 34-26(6) | |
| Motor vehicle: up to $6,000. | 34-26(8) | |
| Recovery and claim for personal injury: all. | 34-28.1 | |
| Public Benefits | Payments to tobacco farmers: all. | 3.2-3107 |
| Crime victim’s compensation benefits: all unless debt is for treatment of injury incurred during crime. | 19.2-368.12 | |
| Unemployment compensation benefits: all. | 60.2-600 | |
| General relief benefits: all. | 63.2-506 | |
| Blind, aged, and disability benefits: all. | 63.2-506 | |
| Worker’s compensation benefits: all. | 65.2-531 | |
| Tools of Your Trade | Tools, books, and instruments necessary for trade or education, including motor vehicle: up to $10,000 total. | 34-26(7) |
| For farmer, horses or mules with gear: up to 2. | 34-27 | |
| For farmer, 1 tractor: up to $3,000. | 34-27 | |
| For farmer, 1 wagon or cart, 2 plows and wedges; 1 drag, harvest cradle: up to $1,000 total. | 34-27 | |
| For military member, arms, equipment, and uniforms: all. | 44-96 | |
| Wages | Wages: at least 75% of the weekly disposable earnings or 40 times the federal minimum hourly wage, whichever is greater. The bankruptcy judge may allow a larger exemption for low-income debtors. | 34-29 |
| Wildcard | For disabled veterans, any property: up to $10,000. | 34-4.1 |
| Any personal property: any unused part of the homestead exemption. | 34-13 | |
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.