Auto & Tools of the Trade Expemtion

[della92]

Thank you, I didn't think so either, but I thought I'd ask.

[LadyInTheRed]

The relevant law is Va. Code Ann. § 34-26, subdivisions 7 and 8:

7. Tools, books, instruments, implements, equipment, and machines, including motor vehicles, vessels, and aircraft, which are necessary for use in the course of the householder's occupation or trade not exceeding $10,000 in value, except that a perfected security interest on such personal property shall have priority over the claim of exemption under this section. A motor vehicle, vessel or aircraft used to commute to and from a place of occupation or trade and not otherwise necessary for use in the course of such occupation or trade shall not be exempt under this subdivision. "Occupation," as used in this subdivision, includes enrollment in any public or private elementary, secondary, or career and technical education school or institution of higher education.

8. A motor vehicle, not held as exempt under subdivision 7, owned by the householder, not to exceed $6,000 in value, except that a perfected security interest on the motor vehicle shall have priority over the claim of exemption under this subdivision.

http://www.legalconsumer.com/bankruptcy/ExemptionCitationDetail.php?CitationID=96

Because of the bolded language, I don't think you can stack the exemptions. Check with a lawyer to be sure.

ETA: According to http://www.legalconsumer.com/bankrup...-law.php?ST=VA, if you don't need the homestead exemption, you have a wildcard exemption that can be stacked with other exemptions. Maybe that can help with the car.

[della92]

Hi all,

Virginia has a 6k auto exemption and a 10k tools of the trade exemption. I am trying to figure out if they can be stacked.

for example if a truck used in the course of a trade is valued at 10k...could 6k come from the auto exemption and the remaining 4k from the tools of the trade exemption allowance?