In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. Virginia permits every householder exemption
of:
real property (homestead) from creditor process arising out of a debt, an amount up to $5,000.00 in value,
an additional $500 in value for each dependent. (VA Code 34-4.)
Additional property for a disabled veteran, $2,000.
In addition, Virginia provides certain enumerated poor debtor's exemption. Some of these exemptions include:
the family Bible,
unused homestead, $5,000;
wedding and engagement rings, family portraits and heirlooms not to exceed $5,000.00 in value,
burial ground,
wearing apparel, $1,000;
household furniture and furnishings, not to exceed $5,000 in value. (VA Code 34-26.);
tools of trade, books, machinery, motor vehicles, $10,000;
motor vehicle for household use, $2,000;
Farmer's equipment, $4,000;
exempt property of decedent, $15,000;
homestead allowance for surviving spouse, $15,000;
Court award or settlement proceeds from personal injury or wrongful death actions generally are also exempt. (VA Code 34-28.1.)
of:
real property (homestead) from creditor process arising out of a debt, an amount up to $5,000.00 in value,
an additional $500 in value for each dependent. (VA Code 34-4.)
Additional property for a disabled veteran, $2,000.
In addition, Virginia provides certain enumerated poor debtor's exemption. Some of these exemptions include:
the family Bible,
unused homestead, $5,000;
wedding and engagement rings, family portraits and heirlooms not to exceed $5,000.00 in value,
burial ground,
wearing apparel, $1,000;
household furniture and furnishings, not to exceed $5,000 in value. (VA Code 34-26.);
tools of trade, books, machinery, motor vehicles, $10,000;
motor vehicle for household use, $2,000;
Farmer's equipment, $4,000;
exempt property of decedent, $15,000;
homestead allowance for surviving spouse, $15,000;
Court award or settlement proceeds from personal injury or wrongful death actions generally are also exempt. (VA Code 34-28.1.)
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