Virginia Bankruptcy Laws - Personal Property

The Code of VA allows the following items of personal property to be exempt: Bible - 34-26(1), Burial plot - 34-26(3), Clothing to $1000 - 34-26(4), Family portraits and heirlooms to $5000 total - 34-26(4), Health aids - 34-26(2), Household furnishings to $5000 - 34-26(6), motor vehicle to $2000 - 34-26(4)(a), Personal injury causes of action - 34-26(8), Personal injury recoveries - 34-28.1, Pets - 34-28.1, Wedding and engagement rings - 34-26(5).

Operation of Virginia bankruptcy laws with the Code

Pursuant to 11 U.S.C. 522(a)(2), "value'' means the fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after filing, the date property becomes property of the estate. Also, 11 U.S.C. 522(e) - non-enforceability of waivers - provides a waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt . . . and a waiver by the debtor of a power . . . to avoid a transfer . . . of exempt property . . . or to recover property or to preserve a transfer, is unenforceable in a case under this title.

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