Virginia Bankruptcy Laws - Miscellaneous Exemptions

The Code of VA allows the following miscellaneous items of personal property to be exempt: Property of business partnership - 50-25, Horses, mules, (pair) with gear, wagon or cart, tractor to $3000, plows (2), drag, harvest, cradle, pitchfork, rake, iron wedges (2), fertilizer to $1000 of farmer (you must be a householder) - 34-27, Tools, books and instruments of trade, including motor vehicles, to $10,000, needed in your occupation or education (you must be a householder) - 34-26, Uniforms, arms, equipment of military member - 44-96, Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors - 34-29, Unused portion of homestead, of any personal property - 34-13, $2000 of any property for disabled veterans (you must be a householder) - 34-4.1.

Operation of Virginia bankruptcy laws with the Code

According to 11 U.S.C. 522(l) The debtor shall file a list of property that the debtor claims as exempt under subsection (b) of this section. If the debtor does not file such a list, a dependent of the debtor may file such a list, or may claim property as exempt from property of the estate before the Virginia bankruptcy court. Unless a party in interest objects, the property claimed as exempt on such list is exempt. The trustee, creditors, an interested party, or the court upon it's own motion, may file an objection to exemptions designated within a debtor's schedule. Denial requires notice to debtors and hearing.

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