Exemptions For Property In Virginia Bankruptcy Proceedings

What does Virginia state law allow you to keep after filing for bankruptcy? We have provided a basic outline on this page. If you have specific questions, please call us at 202-559-1428 for a free initial consultation.

  • 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 "Bankruptcy" Law Office 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 your 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.

  • Workers' Compensation Exemption

Our Virginia bankruptcy attorneys can protect all of your wages and the settlement you receive as compensation for permanent disability through workers' compensation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.