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Homestead Exemptions - State System
(State Law + Federal Non-Bankruptcy Law)

Homestead Exemption Under Virginia Law

Must file homestead declaration before filing for bankruptcy
$5,000 plus $500 per dependent; rents & profits; sale proceeds exempt to $5,000 (husband & wife may double, unused portion of homestead may be applied to any personal property); if 65 or older, exemption is $10,000; an additional $25,000 exempt if property is primary residence.

Amount Joint amount

30,000 (for primary residence)

60,000 (for primary residence)

NOTE: Residency Requirement Caps Maximum Homestead at $189,050 if you've recently moved to a State that allows more than that

Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $189,050. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

Federal Non-Bankruptcy Homestead Exemptions

These are exemptions under federal law, but and are NOT part of the bankruptcy code list of exemptions in 522(d), so states cannot "opt out" from these exemptions. These exemptions available in every State ONLY IF you are using the state exemptions. You cannot use these exemptions if you are using the federal bankruptcy exemption scheme under § 522(d)

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Homestead Exemptions - Federal Bankruptcy Exemptions 
(Exemptions under 11 U.S.C. § 522(d) only)

Can Virginia debtors use the Federal Bankruptcy exemptions instead of Virginia exemptions?

No. Va. Code Ann. § 34-3.1.

The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if

  • you haven't lived in any state longer than 180 days for a while,
  • or
  • if your state allows the Federal exemptions as a choice.

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Jurisdictional relevance: ST

There are versions of this article for each State.