What are the Virginia Bankruptcy Exemptions?
The Commonwealth of Virginia offers several bankruptcy exemptions for its residents. Bankruptcy exemptions are a set of laws that protect certain types of property from being taken or liquidated as part of the repayment process during a bankruptcy filing. Knowing what type of assets you can exempt from your creditors is an important step in the bankruptcy process and understanding the various Virginia bankruptcy exemptions can help you make sound financial decisions.
Virginia residents have access to both federal and state-specific bankruptcy exemptions which are determined by both state law and the US Bankruptcy Code. Under Virginia’s exemption laws, debtors may be able to exempt up to $6,000 in personal property including homesteads, motor vehicles, household furnishings, clothing, jewelry, insurance proceeds, wages and public benefits like Social Security income.
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