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Homestead Protection

Virginia Homestead Exemption

How much of your home equity is protected if you file for bankruptcy in Virginia?
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Virginia WildCard Exemption
Does Virginia Recognize Tenancy by the Entirety?

Updated: 2021-01-03 by

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 $160,375 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 $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

IF you are moving to another state, OR you moved to Virginia within in the last two years, click here.

Federal Non-Bankruptcy Homestead Exemptions (available in every State)

These are exemptions under federal law, and not part of the bankruptcy code, so states cannot "opt out" from these exemptions.


US Bankruptcy Code § 522(d) Homestead Exemption

Can a Virginia debtor 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.


Virginia WildCard Exemption
Does Virginia Recognize Tenancy by the Entirety?

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