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.
Married couples that are filing jointly are able to both claim the full extent of their exemption. This means that together, the two spouses would be able to have $10,000 exempt. All homestead exemptions apply not only to homes, but it can also cover condos and mobile homes.
Federal homestead exemptions are not accepted in the state of Virginia. Homeowners are only able to use the state level exemptions when filing bankruptcy.
HOW DO YOU OBTAIN THE HOMESTEAD EXEMPTION?
Before you file bankruptcy, you must file a form with the county recorder's office that states your right to the homestead exemption. Speak with the county recorder nearest you to learn more about the actual process of filing. It is important that you do not file bankruptcy prior to filing the exemption, or you will not be able to claim it at all.
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