Virginia Bankruptcy Exemptions 2020
Written by Upsolve Team.
Updated July 10, 2020
It's important to understand what the exemptions for Virginia are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Virginia allow federal exemptions?
Virginia does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Virginia Exemptions
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 19.2-368.12
Most people use Va. Code Ann. § 19.2-368.12 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 23-38.81 (E)
Most people use Va. Code Ann. § 23-38.81 (E) to cover prepaid tuition trust fund. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-26 (1a)
Most people use Va. Code Ann. § 34-26 (1a) to cover wedding and engagement rings. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-26 (4)
Most people use Va. Code Ann. § 34-26 (4) to cover wearing apparel. For single debtors filing, it has a coverage limit of $1,000.
Va. Code Ann. § 34-26 (4a)
Most people use Va. Code Ann. § 34-26 (4a) to cover household goods and furnishings, appliances. For single debtors filing, it has a coverage limit of $5,000.
Va. Code Ann. § 34-26 (4b)
Most people use Va. Code Ann. § 34-26 (4b) to cover firearms. For single debtors filing, it has a coverage limit of $3,000.
Va. Code Ann. § 34-26 (5)
Most people use Va. Code Ann. § 34-26 (5) to cover pets. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-26 (6)
Most people use Va. Code Ann. § 34-26 (6) to cover health aids. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-26 (7)
Most people use Va. Code Ann. § 34-26 (7) to cover motor vehicle (occupation). For single debtors filing, it has a coverage limit of $10,000.
Va. Code Ann. § 34-26 (8)
Most people use Va. Code Ann. § 34-26 (8) to cover motor vehicles. For single debtors filing, it has a coverage limit of $6,000.
Va. Code Ann. § 34-26 (9)
Most people use Va. Code Ann. § 34-26 (9) to cover earned income tax and child credit. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-27
Most people use Va. Code Ann. § 34-27 to cover horses, mules, wagon, tractor. farming equipment (2 plows, 1 drag, harvest cradle, pitchfork, rake, 2 iron wedges, fertilizer and fertilizer material). For single debtors filing, it has a coverage limit of $3,000.
Va. Code Ann. § 34-28.1
Most people use Va. Code Ann. § 34-28.1 to cover personal injury settlement. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-28.2
Most people use Va. Code Ann. § 34-28.2 to cover spousal and child support. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-29; In re Foster, 2016, 556 B.R. 233
Most people use Va. Code Ann. § 34-29; In re Foster, 2016, 556 B.R. 233 to cover unpaid wages - 75% or 40 times the federal min hourly wage. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-34
Most people use Va. Code Ann. § 34-34 to cover erisa (employee retirement account). ira. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-4.2
Most people use Va. Code Ann. § 34-4.2 to cover wages (parents with dependent children if income less that $1,750 per month). For single debtors filing, it has no coverage limit.
Va. Code Ann. § 38.2-3122
Most people use Va. Code Ann. § 38.2-3122 to cover life insurance proceeds. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 38.2-3339
Most people use Va. Code Ann. § 38.2-3339 to cover life insurance (group). For single debtors filing, it has no coverage limit.
Va. Code Ann. § 38.2-3406
Most people use Va. Code Ann. § 38.2-3406 to cover accident insurance. For single debtors filing, it has a coverage limit of $600.
Va. Code Ann. § 38.2-3549
Most people use Va. Code Ann. § 38.2-3549 to cover industrial sick benefit. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 38.2-4118
Most people use Va. Code Ann. § 38.2-4118 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 38.2-5604
Most people use Va. Code Ann. § 38.2-5604 to cover health and medical savings accounts. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 44-96
Most people use Va. Code Ann. § 44-96 to cover military equipment. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 50-73.108
Most people use Va. Code Ann. § 50-73.108 to cover partnerships. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 51.1-124.4 (A)
Most people use Va. Code Ann. § 51.1-124.4 (A) to cover state employees. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 51.1-200
Most people use Va. Code Ann. § 51.1-200 to cover state police. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 51.1-300
Most people use Va. Code Ann. § 51.1-300 to cover judges' pensions. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 51.1-510
Most people use Va. Code Ann. § 51.1-510 to cover life insurance (government officials). For single debtors filing, it has no coverage limit.
Va. Code Ann. § 51.1-802
Most people use Va. Code Ann. § 51.1-802 to cover city, town, & county employees. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 60.2-600
Most people use Va. Code Ann. § 60.2-600 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 63.2-506
Most people use Va. Code Ann. § 63.2-506 to cover blind aged disabled assistance. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 64.2-743 (C)
Most people use Va. Code Ann. § 64.2-743 (C) to cover spendthrift trusts. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 65.2-531
Most people use Va. Code Ann. § 65.2-531 to cover workers' compensation. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 8.01-489
Most people use Va. Code Ann. § 8.01-489 to cover crops. For single debtors filing, it has no coverage limit.
Va. Code Ann. § 34-13
Most people use Va. Code Ann. § 34-13 to cover wildcard. For single debtors filing, it has a coverage limit of $5,000.
