Virginia Bankruptcy Exemptions

On this page you can find all of the exemptions for Virginia. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Real & personal property (includes money & debts owed to debtor)
$5,000 plus $500 for each dependent (applies to householder or resident head of family) (exempt real estate must be claimed by recording written declaration. See CV § 34-6)

May include mobile home

Must file homestead declaration before filing for bankruptcy

Property held as tenancy by the entirety may be exempt against debts

Va. Code Ann. § 34-4
Motor Vehicle
Motor vehicle
$6,000
Va. Code Ann. §34-26(8)
Wages / Wage Garnishment
Disposable earnings (earnings less deductions required by law)
75% OR 40 times federal minimum hourly wage per week, WHICHEVER IS GREATER
Va. Code Ann. § 34-29
Insurance
Accident and sickness benefits
100%
Va. Code Ann. § 38.2-3406
Insurance
Industrial sick benefit insurance benefits
100%
Va. Code Ann. § 38.2-3549
Insurance
Burial society benefits
100%
Va. Code Ann. § 38.2-4021
Insurance
Fraternal Benefit Society benefits
100%
Va. Code Ann. § 38.2-4118
Insurance
Life benefit company benefits
100%
Va. Code Ann. § 38.2-3811
Insurance
Group life insurance policies & proceeds
100%
Va. Code Ann. §§ 38.2-3339
Insurance
Proceeds & avails of life insurance policies payable to another
100%
Va. Code Ann. § 38.2-3122,3123
Personal Property
Animals owned as pets
100%
Va. Code Ann. §34-26(5)
Personal Property
Household furnishings
$5,000
Va. Code Ann. § 34-26(4)(a)
Personal Property
Wearing apparel
$1,000
Va. Code Ann. §34-26(4)
Personal Property
Pre need funeral contract
$5,000
Va. Code Ann. § 34-26(3)(ii)
Personal Property
Burial lot
100%
Va. Code Ann. § 34-26(3)(i)
Personal Property
Firearm (1)
$3,000
Va. Code Ann. § 34-26 (4)(b)
Personal Property
Family portraits and heirlooms
$5,000
Va. Code Ann. §34-26(2)
Personal Property
Causes of action for and proceeds of personal injury and wrongful death claims
100%
Personal Property
Wedding & engagement rings
100%
Va. Code Ann. § 34-26(1 )(a)
Personal Property
Medically prescribed health aids
100%
Va. Code Ann. §34-26(6)
Personal Property
Family Bible
100%
Va. Code Ann. §34-26(1)
Pensions / Retirement Accounts
Public employees retirement benefits
100% (except support obligations)
Va. Code Ann. § 51.1-124.4
Pensions / Retirement Accounts
Debtor's interest in retirement plan or IRA qualified by IRC
Amount available under Federal bankruptcy law
Va. Code Ann. §34-34
Tools of the Trade
Arms, uniforms & equipment of national guardsman or naval militiaman
100%
Va. Code Ann. § 44-96
Tools of the Trade
1 pair of horses or mules with necessary gearing, 1 wagon or cart, 1 tractor, 2 plows, 1 drag, 1 harvest cradle, 1 pitchfork, 1 rake, 2 iron wedges, fertilizer
no limit, except: $3,000 for tractor $1,000 for fertilizer (applies only to householder actually engaged in agriculture)
Va. Code Ann. §34-27
Tools of the Trade
Tools, books, instruments implements, equipment, and machines (including motor vehicles, vessels and aircraft) used in trade or occupation or in school
$10,000 (motor vehicles, vessels and aircraft used only to commute to and from place of work are not covered under this exemption)
Va. Code Ann. §34-26(7)
Public Benefits
Public assistance payments
100%
Va. Code Ann. § 63.2-506
Public Benefits
Unemployment Compensation benefits
100%
Va. Code Ann. § 60.2-600
Public Benefits
Workmen's Compensation benefits
100% (except support obligations)
Va. Code Ann. § 65.2-531
Public Benefits
Awards to crime victims
100%
Va. Code Ann. § 19.2-368.12
Miscellaneous
Earnings of debtor under court-approved assignment for benefit of creditors
100%
Va. Code Ann. § 55-165
Miscellaneous
Growing crops
100%
Va. Code Ann. § 8.01-489
Miscellaneous
Principal family residence held as tenants by the entireties
100%
Va. Code Ann. § 55-37
Miscellaneous
Rents & profits of exempt property
100%
Va. Code Ann. §34-18
Miscellaneous
Spendthrift trust
unlimited, but subject to exceptions listed in statute
Va. Code Ann. § 64.2-743
Miscellaneous
Real & personal property of disabled veteran (must be rated 40% or more disabled by VA.) This is in addition to the allowed homestead exemption.
$10,000
Va. Code Ann. § 34-4.1
Miscellaneous
Homestead allowance for surviving spouse
$15,000
Va. Code Ann. § 64.1-151.3
Miscellaneous
Exempt property of decedent
$15,000 in excess of applicable security interests
Va. Code Ann. § 64.1-151.2
Miscellaneous
Decedent’s family allowance
Amount reasonably necessary to pay maintenance of spouse & minor children for 1 year
Va. Code Ann. § 64.1-151.1
Miscellaneous
Specific partnership property
100% of partner's interest
Va. Code Ann. § 50-73.105
Tuition Savings Account
Payments made under prepaid tuition contract
100%
Va. Code Ann. § 23-38.81(E) & (F)

If you want to learn more about filing bankruptcy in Virginia please visit our FAQ Page or for more information about Virginia you can visit the Virginia section.