Virginia has opted out of the federal exemption system, and so only state bankruptcy exemptions can be used. Many of the Virginia exemptions are listed below. The figures listed may be higher for married couples. 

• Homestead (equity in dwelling used as residence)
– Up to $5,000 plus $500 for each dependent
– Up to $10,000 if age 65 or older
– Up to $15,000 if surviving spouse or minor
• Equity in automobile
– Up to $6,00 in vehicles
• Personal property
– Up to $5,000 in household furnishings
– Up to $5,000 in family portraits and heirlooms
– Up to $3,000 in firearms
– Up to $1,000 in clothing
– Engagement and wedding rings
– Family bible
– Household pets
– Health aids
– Up to $5,000 in burial contract; burial plot
• Tools of the trade
– Up to $10,000 in trade implements
– Horses or mules with gear, a wagon or cart, one $3,000 tractor, and other farming equipment for agricultural work as householder
– Military equipment
• Wages and cash
– Greater of 75% of weekly disposable earnings or 30 times minimum wage
Earned income or child tax credit
• Insurance
– Accident/illness benefits
– Cooperative life insurance benefits
– Group life insurance benefits, policy, proceeds
– Fraternal benefit society benefits
– Burial society benefits
– Industrial sickness benefits
• Pensions and retirement
– Tax exempt retirement accounts
– City, county, and town employee pensions
– State employee and judicial pensions
– Some ERISA benefits
• Public benefits
– Workers’ compensation
– Unemployment compensation
– Public assistance
– Crime victims’ compensation
• Alimony and child support
– All spousal or child support
• Other
– Personal injury/wrongful death settlements or awards
– Health/medical savings account
– Prepaid tuition contract
– Trusts for continuing care
– Property of business partnership
• Wildcard (exemption for personal property of your choice)
– Any portion of unused homestead exemptions
– Up to $10,000 in cash or property for disabled veterans

Do I Need a Bankruptcy Lawyer?

Bankruptcy is complex, and it is important to consult with an attorney before filing bankruptcy paperwork. A Virginia bankruptcy attorney understands Virginia bankruptcy, and can help you keep your exempt property and avoid making common filing mistakes.