- In Virginia, you may use the Federal Supplemental bankruptcy exemptions in conjunction with the state bankruptcy exemptions when filing. Please see the Federal supplemental guidelines for more information.
Homestead Exemption
- Real property to $5,000 plus $500 per dependent.
- Must file the homestead declaration before filing for bankruptcy.
- Property held as tenancy by the entirety may be exempt against debts owed by only one spouse.
Insurance Exemptions
- Burial society benefits
- Fraternal benefit society benefits
- Group life insurance or accident insurance for government employees
- Cooperative life insurance benefits
- Group life insurance policy or proceeds
- Industrial illness benefits
Pensions for municipal and state employees, judges, and ERISA to $17,500 per year. Aid for the blind, aged or disabled and AFDC. Unemployment compensation. Worker’s compensation.
Personal Property
- Clothing to $1,000
- Household furnishings up to $5,000
- Burial plot
- Bible
- Family portraits and heirlooms up to $5,000
- Automobile or truck up to $2,000
- Pets
- Wedding and engagement rings
- Additional $2,000 in personal property for disable veterans if householders
- Tools of trade, one of the following:
- Horses, mules with gear, wagon tractor to $3000, plows, drag, harvest, garden tools, fertilizer to $1000 of farmer.
- Tools, books and instruments of trade, including automobile or truck, to $10,000, needed for employment or education.
- Uniforms, arms and equipment for member of the military.
