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.
According to Virginia's homestead exemption, homeowners can exempt up to $5,000 of the value of their home or other qualifying property. Married couples filing jointly are allowed to double the value of their homestead exemption. Homeowners who have their children or other dependents living with them, can claim an additional $500 for each one.
Homeowners over the age of 65 may be able to exempt up to $10,000 of the value of their home. Surviving spouses and minor children may be eligible to claim a $15,000 homestead exemption. It is important to note that before you will be considered eligible to claim the Virginia homestead exemption in bankruptcy, you must first file a homestead declaration with the county recorder's office.
Any individual who is considering filing for bankruptcy would be well advised to retain legal counsel from a skilled bankruptcy attorney before moving forward. When you hire a bankruptcy attorney from the David McCormick Law Group, we will be able to advise you of your rights, as well as guide you through the entire bankruptcy process so as to help you achieve the most optimal results. There is no reason to put your home or its equity at risk when a Virginia Beach bankruptcy attorney from our firm is well-qualified to help you protect your interests.
At our firm, our clients always come first. Over the years we have used our vast experience and in-depth understanding of bankruptcy laws to provide more than 10,000 clients with the debt relief services they required. If you have questions about whether the Virginia homestead exemption can help you protect your home in bankruptcy, or you are ready to begin the bankruptcy process, call our firm now.