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What are bankruptcy exemptions in Virginia?

Federal & State Law Editorial TeamLast reviewed: 2026-05-02

Virginia provides moderate state exemptions through a combination of the homestead and a separate "Poor Debtor's Exemption."

1. Opt-Out State — Va. Code § 34-3.1

Virginia opted out. Debtors must use Virginia exemptions plus federal non-bankruptcy exemptions.

2. Homestead — Va. Code § 34-4

  • $25,000 for individuals.
  • $50,000 for married couples filing jointly.
  • +$5,000 per dependent.

    • The homestead must be claimed and recorded with a homestead deed before bankruptcy filing — Virginia's procedural requirement is unique. Failure to record by the meeting of creditors loses the protection.

    3. Wildcard — Va. Code § 34-4

    Homestead can be applied to any property (real or personal) — effectively a $25,000 universal exemption. This is unusual and very useful.

    4. Motor Vehicle — Va. Code § 34-26(8)

  • $10,000 equity in motor vehicles (cumulative across vehicles).

    • 5. Poor Debtor's Exemption — Va. Code § 34-26 (Personal Property)

    Available without homestead claim. Specific items:

  • Family Bible — unlimited.
  • Wedding/engagement rings — unlimited.
  • Family portraits, heirlooms — $5,000.
  • Burial plot — unlimited.
  • Furniture, books, household appliances — $5,000.
  • Animals owned as pets — unlimited.
  • Medically prescribed health aids — unlimited.
  • Firearms — $3,000.
  • Wearing apparel — $1,000.
  • Tools of trade — § 34-26(7): $10,000.

    • 6. Wages — Va. Code § 34-29

  • 75% of disposable earnings OR 40x federal minimum wage exempt.
  • For Virginia residents earning under \$30,500/year: stronger protection added by 2022 amendments.

    • 7. Retirement Accounts — Va. Code § 34-34

  • ERISA-qualified plans, IRAs, Roth IRAs: fully exempt.
  • Limited to amount necessary for support if debtor is owner-employee of plan.

    • 8. Insurance — Va. Code § 38.2-3122, § 34-26

  • Life insurance proceeds and cash value — exempt.
  • Group life policies — exempt.

    • 9. Public Benefits — Va. Code § 63.2-506

    Social Security, unemployment, workers' comp, veterans' — fully exempt.

    10. Personal Injury Proceeds — Va. Code § 34-28.1

    Causes of action and proceeds for personal injury — fully exempt.

    11. Earned Income Tax Credit — Va. Code § 34-26(9)

    Fully exempt.

    12. Tenancy by the Entirety

    Virginia recognizes — joint marital property exempt from individual creditors.

    13. Domicile Requirement

    730-day rule under 11 U.S.C. § 522(b)(3).

    14. Critical Filing Requirement

    MUST file homestead deed in the circuit court of the county where the property is located, BEFORE the meeting of creditors. Va. Code § 34-6, § 34-17.

    This is legal information, not legal advice.

    When to Talk to a Lawyer
    • You need to record a homestead deed BEFORE the meeting of creditors to preserve the exemption
    • You and your spouse hold property as tenants by the entirety
    • You have multiple dependents and need to maximize per-dependent additions
    Related Statutes & Laws
    • Va. Code § 34-4
    • Va. Code § 34-26
    • Va. Code § 34-29
    • Va. Code § 34-34
    • Va. Code § 34-6

    This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.