Exemptions


WHAT IS THE VIRGINIA MOTOR VEHICLE EXEMPTION?

Posted on 10 27,2016
WHAT IS THE VIRGINIA MOTOR VEHICLE EXEMPTION?

When an individual makes the decision to file for Chapter 7 bankruptcy, one of the most common concerns is whether he or she will be able to retain possession of certain assets and property. Chapter 7 is known as liquidation bankruptcy. Unless you have a way to protect your home, vehicle and other valuable assets, they could be taken and sold by the bankruptcy trustee to help get your creditors paid.

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WHAT IS THE VIRGINIA HOMESTEAD EXEMPTION?

Posted on 06 01,2014
WHAT IS THE VIRGINIA HOMESTEAD EXEMPTION?

Are you a Virginia homeowner who is planning on filing for bankruptcy? Are you worried about protecting your home and the equity in it? Each state has a variety of bankruptcy exemptions which can be used to help individuals protect certain assets and property during bankruptcy. One of the exemptions our state offers is the homestead exemption.

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HOMESTEAD EXEMPTIONS IN VIRGINIA

Posted on 12 28,2013
HOMESTEAD EXEMPTIONS IN VIRGINIA

Under Virginia State law, the homestead exemption allows for homeowners to exempt up to $5,000 of their property or home. The homeowner may also exempt up to $500 for each of their dependents. For elderly individuals over 65 years of age, they are able to exempt up to $10,000.

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VIRGINIA STATE BANKRUPTCY EXEMPTIONS

Posted on 12 20,2013
VIRGINIA STATE BANKRUPTCY EXEMPTIONS

Every state in the U.S. has their list of items, value of a homestead or vehicles that can be considered exempt during bankruptcy. Under Virginia State laws, they have decided to opt out of all federal exemptions. This means that Virginia residents filing bankruptcy will only receive the exemptions allowed by the state, not on a federal level. Married couples are allowed to double the exemptions allowed by the state, meaning that each spouse individually can claim their full exemption of property.

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WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

Posted on 10 19,2013
WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

For many people, one of their biggest concerns when filing bankruptcy is whether or not they will be able to keep their home, car or other material possessions. This fear of losing everything is what deters many people from filing at all, even when it could be a tremendous benefit to them financially. Under Virginia State bankruptcy law, there are certain exemptions that you can claim that can allow you to keep certain property and possessions without having them used as repayment for creditors.

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