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Virginia - How much cash can I have at Ch7 filing

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  • Virginia - How much cash can I have at Ch7 filing

    Am I reading this correctly...I can have $5,000 cash in the bank if I don't use the Homestead exemption?


    ----------------------------------------------------------
    Homestead

    34-4 - $5,000 plus $500 per dependent (if over 65 exemption is $10,000): 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.

    34-28.1 - Personal injury recoveries and causes of action.

    23-38.81 - Prepaid tuition contracts.

  • #2
    I don't see anything about a wildcard exemption in lieu of a homestead exemption. The only thing about cash is sale proceeds from a home up to $5,000. So if you've recently sold a home for a profit, $5000 from that cash would be exempt. It does not read as if any $5000 would be exempt.

    Best to speak with a local atty though - they'll know the details for your state best.
    Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
    (In the 'planning' stage, to file ch. 13 if/when we have to.)

    Comment


    • #3
      http://www.bankruptcyinformation.com/VA_exemp.htm

      The above link says the Wild Card is the unused portion of the Homestead exemption.

      Comment


      • #4
        Which is why I suggested local legal counsel... Based on your original post, there was no mention of a wild card and I have not researched your state's exemptions the way I have my own.

        Originally posted by Skinsfan View Post
        http://www.bankruptcyinformation.com/VA_exemp.htm

        The above link says the Wild Card is the unused portion of the Homestead exemption.
        Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
        (In the 'planning' stage, to file ch. 13 if/when we have to.)

        Comment


        • #5
          Much obliged. I plan on obtaining legal counsel on my bankruptcy. I'm just doing as much research as I can so I can ask the right questions and speak BK as fluently as possible.

          Comment


          • #6
            Yes, that $5,000 can be used for cash. Plus $500 for each dependent.

            Comment


            • #7
              The Virginia Veterans' Disability exemption has increased to $10,000 under Section 34-4.1

              AND.... keep in mind that Virginia has Opted Out of the Federal Bankruptcy laws. As Skinfans posted above - those are Virginia's banrkutpcy laws.

              What I haven't figured out yet is what exactly are the Non-Federal Bankruptcy laws that must be followed. Such as, the Veterans' Disability "COMPENSATION" which is never referred to as payment and is a Non-Federal Bankruptcy law.

              Also, keep in mind that at least on my Means Test, my child support was included in the beginning but was taken out before the final calculations. I would encourage people to read the definition of "Disposable Income" as listed in the Fed. Bankr. Code.

              So confusing!
              I am NOT an attorney. All info written above is from the web and/or from my personal bankruptcy experience.
              Lessons we learned: (1) Do your homework! (2) See more than one attorney! (3) Find out ALL your options!

              Comment


              • #8
                34-28.1 - Personal injury recoveries and causes of action

                Does this mean that my injury claim I received exempt. I have it in a seperate account just in case.

                The Virginia Veterans' Disability exemption has increased to $10,000 under Section 34-4.1

                And does this apply to the money a vet gets from the gov. Or is this like an added homestead or something similar.

                Comment


                • #9
                  That's the way I read that. But it might be a good Qto ask during a free consult just to be sure.
                  Don
                  Filed Pro Se on 8/4/11 (No Asset, Chapter 7)
                  Redeemed Automobile ProSe (722 Redemption),Discharged on 11/3/11

                  Comment


                  • #10
                    The auto exemption has been increased to $6000.

                    Originally posted by Skinsfan View Post
                    Am I reading this correctly...I can have $5,000 cash in the bank if I don't use the Homestead exemption?


                    ----------------------------------------------------------
                    Homestead

                    34-4 - $5,000 plus $500 per dependent (if over 65 exemption is $10,000): 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.

                    34-28.1 - Personal injury recoveries and causes of action.

                    23-38.81 - Prepaid tuition contracts.

                    Comment


                    • #11
                      Originally posted by Skinsfan View Post
                      Am I reading this correctly...I can have $5,000 cash in the bank if I don't use the Homestead exemption?


                      ----------------------------------------------------------
                      Homestead

                      34-4 - $5,000 plus $500 per dependent (if over 65 exemption is $10,000): 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.

                      34-28.1 - Personal injury recoveries and causes of action.

                      23-38.81 - Prepaid tuition contracts.
                      So are these exemptions separate? Say $5000/cash + $2000 motor vehicle + household furnishings $5000= $12000 total
                      Sorry if it's a stupid question, but trying to figure out my exemptions for filing a chapter 7 after filing a chapter 13 (see other thread). Is that $5000 per person or husband and wife combined?

                      Comment

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