According
to Chapter 7 Bankruptcy, the Virginia Law protects all or parts of your
property from being ceased by creditors or the bankruptcy trustee. Whereas,
under Chapter 13, the applicants are allowed to keep all of their assets and
properties. However, it's always ideal to hire a Virginia bankruptcy
attorney to under the details and what properties you can protect under
Bankruptcy filing in Virginia.
Exemptions
under Bankruptcy Filing in Virginia:
Real
Estates:
You
can protect up to $5000 of your homestead as well as $00 for each dependent.
Automobiles:
Up
to $2000 worth of equity is protected in one motor vehicle.
Exemption
of Other Properties:
You
can protect your family bible, family portraits, weddings and engagement rings.
Some parts of your family heirlooms are also protected up to a value of $5000.
You will get to keep one burial lot including one pre-requisite funeral contact
but the value should not exceed $5000. For clothing items, the value is limited
to $1000 whereas, for household furnishing, the cap is set at $5000. For tools
of the trade, you can keep $10,000. Also, you get to keep all your pets and
your medically prescribed health aids.
Conditions
in which Virginia Exemption Laws are applicable in your case:
According
to the law of the states, you are only eligible to enjoy the Virginia
Exemptions Law if you are residents of Virginia for at least 730 days or 2
years before filing for a bankruptcy petition. In case you haven’t stayed for 2
years in Virginia, the will have to apply for the state in which you have lived
for not less than 180 days preceding the 2 years’ period.
Note: Virginia doesn’t come under community
property state, so your spouse is only responsible for your debts if he/she has
assumed those debts voluntarily. So, you don’t have to involve your spouse in
your bankruptcy filing and still can clear out all your unsecured debts.
This
page is only for providing general information and neither it is a substitute
for legal advice of a bankruptcy attorney. SO, for full information, it's
highly recommended to consult a qualified Virginia bankruptcy attorney.
