What are the Virginia Bankruptcy Exemptions?
If you are a Virginia resident considering bankruptcy, it is important to know what assets you are allowed to keep. This is because Virginia, like all states, has its own set of exemption laws that determine what property you can exempt from your bankruptcy estate.
Generally, exemption laws allow you to keep certain types of property necessary for your daily life and work. For example, most states exempt clothing, household furnishings, and tools of the trade. The idea behind these exemptions is that debtors should be able to maintain a basic standard of living after filing for bankruptcy.
In Virginia, some of the most common exemptions include your home (up to $5,000 in equity), your car (up to $6,000 in equity), personal belongings (up to $5,000), and retirement accounts.
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