exemptions

Question 1

who may claim homestead exemption

Answer 1

all virginia residents

Question 2

property that may be claimed under homestead exemption

Answer 2

$25,000 in real or personal property used as the principal residence of claimant or claimant’s dependents

+

Any property worth up to $5,000; OR, if aged 65+, $10,000

+

$500 for each dependent of the household

Question 3

how to claim homestead exemption

Answer 3

real estate:
– debtor files homestead deed in the county where the property is located

personal property
– debtor files homestead deed in place where debtor resides and describes items claimed and designates their value

TIMING
- The exemption may be claimed by filing the homestead deed at any time prior to the sale of property claimed to be exempt—even after.

PRIORITY
– exemption takes priority over all creditors, even those with liens on the property

Question 4

Against what debts can exemptions not be claimed?

Answer 4

(1) purchase money mortgage or security interest in property

(2) spousal or child support obligations

(3) intentional tort claims

(4) those debts where protection has been waived

(5) IRS claims

Question 5

other exemptions

Answer 5

• T by E
• personal injury
  (unless it is medical provider reaching injury claim to satisfy your debts for th provision of medical care arising out of the injury on which suit is based)
• poor debtor’s exemption
  (clothes, tools of trade, motor vehicle, heirlooms, sentimental items, burial lots)
• wages or earnings
  limited to lesser of (1) 25% of disposable weekly earnings or (2) amount by which disposable earnings exceed 40x the effective federal min wage