Filers in Virginia use state exemptions (the federal bankruptcy exemptions are not available), plus any federal nonbankruptcy exemptions . Below is a summary of frequently used exemptions. Always confirm with local statutes and speak with a bankruptcy attorney for current amounts.
Married couples filing jointly can often double an exemption for property owned together, except for the homestead. If the property belongs to only one spouse, the exemption is not doubled.
| Exemption Type | Amount | Statute | Notes |
|---|---|---|---|
| Homestead | Up to $50,000 equity plus $500 per dependent; can be more if 65+ or a disabled veteran (40% disability). | Va. Code Ann. §§ 34-4, 34-18, 64.2-311; HB 1339 (recent homestead changes) | Not doubled for married couples. Covers house, mobile home, or property under homestead deed. |
| Motor Vehicle | $10,000 equity | Va. Code Ann. § 34-26 | Helps retain a car, truck, or motorcycle for transportation. |
| Wildcard | Unused homestead portions can be applied to any property. (Disabled vets may have additional wildcard benefits.) | Va. Code Ann. §§ 34-13, 34-4.1 | The leftover homestead acts as a wildcard for other assets. |
| Cemeteries & Burial Funds | 100% of a lot in a burial ground, preneed funeral contract up to $5,000 | Va. Code Ann. §§ 34-26, 38.2-4021, 54.1-2823 | Protects final resting arrangements and certain funeral funds. |
| Personal Injury / Wrongful Death | 100% of claims and proceeds for personal injury or wrongful death actions | Va. Code Ann. § 34-28.1 | Awards/settlements derived from such suits are protected. |
| Crime Victims' Compensation | 100% exempt | Va. Code Ann. § 19.2-386.12 | Funds from crime victim compensation cannot be taken by creditors. |
| Fraternal Benefit Society | Fully exempt | Va. Code Ann. § 38.2-4118 | Protects certain fraternal society payouts. |
| Health Savings Accounts | 100% exempt | Va. Code Ann. § 38.2-5604 | Covers HSA funds from being used to pay creditors. |
| Insurance Benefits | Accident & sickness benefits; continuing care deposits; industrial sick benefit policy proceeds; coop nonprofit life benefits, etc. | Va. Code Ann. §§ 38.2-3122, -3123, -3339, -3406, -3549, -3811, -904.1; 51-111.67:8 | Various insurance proceeds fully exempt. Confirm each policy type. |
| Military Equipment | 100% exempt | Va. Code Ann. § 44-96 | Uniforms, arms, or other official equipment used in military service. |
| Decedents' Family Allowance | Up to $24,000 | Va. Code Ann. § 64.2-309 | Surviving spouse & minor children can claim it from estate. |
| Pension & Retirement | Certain public employee retirement benefits 100% exempt; tax-exempt retirement accounts are exempt under federal rules. | Check local code & federal law | 401(k), IRA, other tax-qualified plans usually fully exempt. |
| Personal Property | $5,000 in household furnishings; $5,000 for family portraits & heirlooms; $3,000 for firearms; $1,000 in apparel; all pets; medical aids; wedding/engagement rings; surviving spouse can claim up to $20,000 of deceased spouse’s personal property, etc. | Va. Code Ann. §§ 23-38.81, 34-4, 34-18, 34-26, 34-27, 64.2-310 | Some items are 100% exempt (pets, health aids). Some have set dollar caps. |
| Public Benefits | Earned Income Tax Credit & child tax credit; public assistance (blind, aged, disabled, general relief) | Va. Code Ann. §§ 34-26(9), 63.2-506 | Typically fully exempt; confirm updates for each program. |
| Spousal & Child Support | 100% exempt | Va. Code Ann. § 34-26(10) | Support payments cannot be taken by creditors. |
| Trade Implements | Up to $10,000 for tools/books/instruments; specific items for farmers (2 horses, 1 wagon, etc.) | Va. Code Ann. §§ 34-26, 34-27 | Farmers can exempt a pair of horses/mules, tractor to $3,000, plows, pitchfork, etc. |
| Unemployment Compensation | 100% exempt | Va. Code Ann. § 60.2-600 | Generally cannot be taken by creditors. |
| Workers' Compensation | 100% exempt | Va. Code Ann. § 65.1-82 | Worker’s comp benefits for job-related injuries are protected. |
Chapter 7 vs. Chapter 13: In Chapter 7, a trustee may sell nonexempt assets to pay creditors. In Chapter 13, you keep your property but must pay unsecured creditors at least the nonexempt asset value over a 3-5 year plan.
You must live in Virginia for 730 days (2 years) before filing to use these exemptions; otherwise, you might use your prior state’s system. Also, if you purchased your home less than 40 months ago, a separate federal “cap” might reduce your homestead. Confirm specifics locally.
Important: Exemptions change periodically, and Virginia updates amounts for inflation every three years (next on April 1, 2027). Always check if statutes and amounts are current. Verify with a bankruptcy attorney to confirm that these exemptions still apply.