Judgments: What are the State Exemptions for Virginia?
Unfortunately, Virginia is one of those states that isn’t very friendly toward debtors. The laws and exemptions tend to favor the credit card companies when it comes to judgments. In addition, the law also favors householders: if you are not a householder, your creditors can take all of your personal property (you cannot claim any exemptions). Unlike Florida, where your home is safe from creditors, Virginia law allows a creditor to force the sale of your home. Your best bet if you live in Virginia and you have equity in your home? Fool your creditors into thinking you live elsewhere.
- Homestead (includes a mobile home): A paltry $5000 ($10,000 for a married couple) plus $500 per dependent. In other words, if you are a family of four and you owe credit card companies more than $11,00, you could lose your home unless you pay up. Landlords get a break: they can claim rents & profits as exemptions.
- Insurance: Insurance: Accident and sickness benefits, burial society benefits, cooperative life insurance benefits, fraternal benefit society benefits, group life or accident insurance (government employees), group life insurance policy or proceeds and industrial sick benefits are all exempt from forced sale or garnishment.
- Property of business partnership: exempt
- Pensions: City, town & county employees (ERISA-qualified benefits to $17,500 per year) Judges’ pensions, State employees pension.
- Bible: exempt
- Burial plot: exempt
- Clothing: $1000
- Family portraits and heirlooms: $5000
- Health aids: exempt
- Household furnishings: $5000
- Car/other motor vehicle: $2000
- Personal injury claims: exempt
- Pets: exempt
- Wedding and engagement rings: exempt (no dollar value)
- Public Benefits: exempt benefits are aid to blind, aged, disabled, AFDC(welfare), and general relief
- Crime victims’ compensation: exempt, unless you are seeking to discharge debt for treatment of injury incurred during crime
- Unemployment compensation: exempt
- Workers’ compensation: exempt
- Farmer Tools of Trade: two horses or mules with gear, wagon or cart, tractor ($3000), two plows, a drag, your harvest, cradle, pitchfork, rake, two iron wedges, $1,000 worth of fertilizer.
- Misc. Tools of trade (for other business owners who are householders): Tools, books, motor vehicles (up to $10,000).
- Military uniforms, arms, and equipment (members of the Armed Forces): exempt
- Wild Card: If you do not use the $5,000 exemption for your home, you can apply the unused portion toward your personal property.
- Veteran’s Personal Property: if you are a disabled veteran, the law allow you to keep $2000 of any property safe from your creditors if you are a householder.
You are not automatically entitled to these exemptions: you must file an exemption with the court to get the exemption.
Related posts:
- Judgments: What are the State Exemptions for West Virginia?
- Bankruptcy and Judgments: What are the State Exemptions for Wyoming?
- Bankruptcy and Judgments: What are the State Exemptions for Pennsylvania?
- Bankruptcy and Judgments: What are the State Exemptions for Wisconsin?
- Judgments: What are the State Exemptions for Oregon?
