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
Proceeds & avails of life insurance policies payable to another
100%
Va. Code Ann. § 38.2-3122,3123
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
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)
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)
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
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
Public Benefits
Public assistance payments
100%
Va. Code Ann. § 63.2-506
Public Benefits
Unemployment Compensation benefits
100%
Va. Code Ann. § 60.2-600
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
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
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.
