The Homestead Deed - Virginia's Catch All Exemption
While Virginia law allows a miscellaneous $5,000.00 exemption to be claimed in personal and/or real property, and an additional $500.00 for each dependent, the homestead exemption often goes unclaimed since debtors must file, what is called, a homestead deed, with the appropriate land records office. To claim the homestead exemption in personal property, the homestead deed must be filed with the land records office for the county in which the debtor resides. To claim this exemption in real property, the homestead deed must be filed with the county in which the property is located. NOTE: the homestead deed must be filed within FIVE days of the Section 341 Meeting of Creditors having been concluded. Failure to meet this deadline can result in a denial of the homestead exemption.
Wage Exemption - Even in Bank Accounts
The Virginia Code authorizes a 75% exemption in all disposable earnings. This exemption extends even to earnings which have been deposited into a bank account. Accordingly, a 75% wage exemption can be claimed in funds held in a Debtor's bank account,provided such funds are attributable to earnings, and the remaining portion of the bank account(s) can be exempted under the homestead deed.
Homestead Exemption if 65 or Older
If you happen to be 65 or older, your homestead exemption is increased to $10,000.00. But remember the homestead deed must be filed within five days of the 341 Meeting of Creditors having been concluded.
Disabled Veterans Receive an Additional Exemption
Veterans having a service connected disability of forty percent or more are entitled to exempt an extra $10,000 in cash or property. This exemption is in addition to the homestead exemption. BUT NOTE that this exemption must be claimed on the homestead deed within five days of the 341 meeting of creditors having been concluded.
Additional resources provided by the author
For an excellent summary of Virginia exemptions check out the link below.
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