Virginia Exemptions
Exemptions for Property in Virginia Bankruptcy Proceedings
- Homestead Exemption
This exemption can be used to protect a portion of the equity in your house. In addition, any profits, such as rent, derived from exempt property are exempt.
- Motor Vehicle Exemption
Our Virginia bankruptcy attorneys use this exemption to protect a portion of the value of an automobile listed in your bankruptcy filing. If the bankruptcy is filed jointly with your spouse, this exemption can be doubled and used to protect a single vehicle if the vehicles title is in both your names.
- Clothing, Textbooks, Bible, Family Pictures Exemption
Our Virginia bankruptcy attorneys use this exemption to protect a portion of the equity in various personal items such as your clothing and personal heirlooms.
- Life Insurance Proceeds Exemption
Using this exemption our Virginia bankruptcy attorneys can protect life insurance payments made to you from a policy under which you were a dependent, as long as that amount is reasonably necessary to support you and your dependents.
- Retirement Plan Exemption
The bankruptcy attorneys at Ammerman & Goldberg can protect a portion of the proceeds from your retirement plan. This exemption includes such things as stock bonuses, pensions, profit sharing plans, and annuities.
- Tools of the Trade, Professional Books Exemption
This exemption can be used to protect a portion of the tools you use in your profession. This is an important exemption as it allows for uninterrupted work in you chosen profession.
- Unemployment Compensation Benefits Exemption
Our Virginia bankruptcy attorneys can protect all of your unemployment compensation. We cannot protect past due child support from being deducted from the income of people receiving public assistance.
- Worker's Compensation Exemption
Our Virginia bankruptcy attorneys can protect all of your wages and the settlement you receive as compensation for a permanent disability. Workers' compensation settlements are completely exempt in Virginia bankruptcy actions.
