VIRGINIA BANKRUPTCY LAW:
Virginia Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Virginia Bankruptcy Statistics: In 2009, in Virginia, 36,531 bankruptcies were filed. Out of the total, 1,193 were business bankruptcies and 35,338 or 96.73% were personal bankruptcies.
Virginia State Bankruptcy Exemptions:
The home (“homestead”) is exempt in Virginia bankruptcy up to $5,000, plus $500 for each dependent of the debtor. Any profits resulting from the homestead, such as rent collected on the homestead or funds from the sale of the homestead are exempt up to $5,000. Any unused portions of the homestead exemption can be applied to other property.
Virginia recognizes a type of ownership limited to married couples called a tenancy by the entirety. If a married couple owns their home as a tenancy by the entirety and the debts are incurred by only one of the spouses, the entire property may be exempt.
The homestead exemption is not limited to real estate, and can also include personal property such as mobile homes.
NOTE: In order to claim this exemption, a homestead declaration has to be filed before filing for bankruptcy.
Burial Plots are entirety exempt
The following items are entirely exempt when filing bankruptcy in Virginia:
The following items are exempt up to a limit:
In Virginia the following insurance benefits are entirely exempt:
Federal pension exemptions apply when filing bankruptcy in Virginia:
ERISA-qualified pension are exempt up to $25,000 (which is the same as the federal pension exemption).
State, city, town, and county employees; state police officers; and judges pensions are entirely exempt.
The following public benefits are entirely exempt when filing bankruptcy in Virginia:
Property owned by a business where the debtor is a partner is exempt when filing bankruptcy in Virginia.
Tools of the trade
Books, instruments, tools, including motor vehicles necessary for education, occupation or trade are exempt up to $10,000.
Farms can exempt the following items when filing for bankruptcy in Virginia:
For members of the military the following items are entirely exempt: arms, equipment and uniforms.
Wages are exempt according to the following condition: either 75% of the weekly disposable income or 40 times the federal minimum wage, whichever is greater. In case of low-income filers, a judge can allow for a large exemption.
Disabled veterans only may exempt an extra $2000.
Federal Bankruptcy Exemptions: No
Virginia Bankruptcy Courts:
United States Bankruptcy Court in the Eastern District of Virginia has jurisdiction in the following counties: Accomack, Amelia, Arlington, Brunswick, Caroline, Charles , City, Chesterfield, Culpeper, Dinwiddie, Essex, Fairfax, Fauquier, Gloucester, Goochland, Greensville, Hanover, Henrico, Isle of Wight, James City, King and Queen, King George, King, William, Lancaster, Loudoun, Lunenberg, Mathews, Mecklenberg, Middlesex, New Kent, Northampton, Northumberland, Nottoway, Orange, Powhatan, Prince Edward, Prince George, Prince William, Richmond, Southampton, Spotsylvania, Stafford, Surry, Sussex, Westmoreland, York.
United States Bankruptcy Court in the Western District of Virginia has jurisdiction in the following counties: Albermarle, Allegheny, Amherst, Appomattox, Augusta, Bath, Bedford, Bland, Botecourt, Buchanan, Buckingham, Campbell, Carroll, Charlotte, Clarke, Craig, Cumberland, Dickenson, Floyd, Fluvanna, Franklin, Frederick, Giles, Grayson, Greene, Halifax, Henry, Highland, Lee, Louisa, Madison, Montgomery, Nelson, Page, Patrick, Pitsylvania, Pulaski, Rappahannoc, Roanoke, Rockbridge, Rockingham, Russell, Scott, Shenandoa, Smith, Tazewell, Warrenm Washingon, Wise, Wythe.