Exemptions

Question 1

Poor Debtors Exemption

Answer 1

VA residents may exempt their interest in certain specific property from creditor collection
Bible, wedding engagement rings,
family artifacts up to 5lk,
clothing up to to 1k
Tools of trade up to 10k
Medical aids
Car up to 6k in value

Question 2

Homestead Exemption

Answer 2

Can use this for wherever property they want
They can exempt 5k or real property or personal property and debtor picks which to pick

If 65 or older amount is 10k

For each dependent add 500 dollars

Question 3

Process for Homestead Exemption

Answer 3

Debtor has to record a homestead deed describing the property claimed and its value

Question 4

Limitations

Answer 4

The exemption does not apply to consensual liens
The exemption cannot be enforced against a spousal or child support claimant, or against as intentional tort claimant

Question 5

Veterans Exemptions

Answer 5

Veterans living in VA with a service connected disability of 40% or more has an additional 10,000 wildcard exemption

Question 6

Federal exemptions

Answer 6

Social security benefits are exempt from creditors
Creditors can only garnish 25% or 30 times the federal minimum hourly wage
VA used 40 times the federal hourly wage