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Virginia Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your bankruptcy attorneys can use Virginia state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Virginia bankruptcy exemptions that an attorney can use to help keep creditor's hands off your cherished possessions. The Virginia bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the Virginia bankruptcy exemptions below are not an exhaustive list, therefore you should contact a Virginia bankruptcy attorney to determine the other types of property that you own which may be exempt.

Homestead Virginia Bankruptcy Exemptions

These Virginia bankruptcy exemptions can be used to protect up to $5,000 in equity in your house plus $500 for each dependent. Additionally, rents and profits of exempt property are 100% exempt.

Motor Vehicle Virginia Bankruptcy Exemptions

Your U.S. federal bankruptcy attorney can use these Virginia bankruptcy exemptions to protect $2,000 in value of any one motor vehicle listed in your U.S. federal bankruptcy. Additionally, if you file U.S. federal bankruptcy with a spouse you can use both vehicle exemptions to protect up to $4,000 in vehicle equity as long as both you and your spouse are on the title to the car.

Clothing, Textbooks, Bible, Family Pictures Virginia Bankruptcy Exemptions

These Virginia bankruptcy exemptions allows your U.S. federal bankruptcy attorney to protect $5,000 in equity in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds Virginia Bankruptcy Exemptions

Under these Virginia bankruptcy exemptions a U.S. federal bankruptcy attorney can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan Virginia Bankruptcy Exemptions

Your U.S. federal bankruptcy attorneys can prevent creditors from touching up to $17,500 of the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities.

Tools of the Trade, Professional Books Virginia Bankruptcy Exemptions

These are useful Virginia bankruptcy exemptions that can be used to protect up to $10,000 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Virginia Bankruptcy Exemptions

Your U.S. federal bankruptcy attorneys can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Virginia Bankruptcy Exemptions

These Virginia bankruptcy exemptions can be used to protect 100% of compensation you receive under Virginia workers' compensation laws. Your U.S. federal bankruptcy attorneys can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Virginia, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Learn more about Washington bankruptcy exemptions.