Bankruptcy Exemptions

i live in virginia, i do not own my home and our cars are not paid for. what type of property is considered exempt from being taken.

[Ladynred]

Exemptions vary from state to state, and VA has its own exemptions from what I can find.

I found this site, it lists the exemptions for your state:
[URL=http://www.lawca.com/exempt/VA.htm]http://www.lawca.com/exempt/VA.htm[/URL]


Looks like there's a $5000 homestead exemption, property up to that amount. The more knowledeable here can explain that better than I. The wild card in VA is any unused portion of the homestead amount. Correct me if I'm wrong, but if you don't own a home that you would have equity in, then you have the full $5000 worth of 'personal property', including your car, you can exempt.

Just keep in mind that the value mentioned isn't the fair market value, its what you could get in a quick sale. I found this one example.. pretend you're going to price all your stuff for a yard sale, what do you think you could get for it ??

Hope this helps