Virginia Bankruptcy Exemption Worksheet

Virginia Bankruptcy Exemption Worksheet

Table of Contents

1. Debtor Information
2. Opt-Out Status and Governing Law
3. Homestead Exemption — Va. Code § 34-4 (Real or Personal Property)
4. Disabled Veteran Additional Exemption — Va. Code § 34-4.1
5. Poor Debtor's Exemption — Va. Code § 34-26 (Categorical)
6. Wages — Va. Code § 34-29
7. Retirement and Public Benefits
8. Personal Injury, Wrongful Death, and Tax Credits
9. Insurance, Support, and Miscellaneous Exemptions
10. Wildcard Substitute (Homestead Applied to Personal Property)
11. Aggregate Summary and Schedule C Crosswalk
12. Homestead Deed Requirement and § 34-17 Deadline
13. Debtor Certification
14. Sources and References

1. Debtor Information

2. Opt-Out Status and Governing Law

Virginia has elected, under Va. Code § 34-3.1, to opt out of the federal exemption scheme of 11 U.S.C. § 522(d). A debtor whose domicile satisfies 11 U.S.C. § 522(b)(3)(A) must use Virginia exemptions (and any applicable federal non-bankruptcy exemptions, such as Social Security, ERISA, and certain veterans' benefits).

3. Homestead Exemption — Va. Code § 34-4

3.1 Statutory Caps (Effective July 1, 2025; 2024 c. 656)

3.2 Computation Worksheet

3.3 Property to Which § 34-4 Will Be Applied

3.4 Homestead Deed Tracking

4. Disabled Veteran Additional Exemption — Va. Code § 34-4.1

A veteran residing in Virginia with a service-connected disability rating of 40% or more (rated by the U.S. Department of Veterans Affairs) is entitled to an additional $10,000 exemption in real and/or personal property, on top of § 34-4.

5. Poor Debtor's Exemption — Va. Code § 34-26

The poor debtor's exemption protects specific categorical property regardless of the homestead. Amounts shown reflect the 2024 amendments (effective 7/1/2025); next CPI adjustment April 1, 2027.

6. Wages — Va. Code § 34-29

Virginia incorporates the federal Consumer Credit Protection Act limits at Va. Code § 34-29(a):

7. Retirement and Public Benefits

8. Personal Injury, Wrongful Death, and Tax Credits

9. Insurance, Support, and Miscellaneous Exemptions

10. Wildcard Substitute — Homestead Applied to Personal Property

Virginia has no separate statutory wildcard exemption. The § 34-4 homestead is the closest functional substitute because it may be applied to either real or personal property at the householder's election (subject to the lifetime aggregate cap and the dollar caps in § 34-4 and § 34-4.1).

11. Aggregate Summary and Schedule C Crosswalk

11.1 Schedule C (Official Form 106C) Crosswalk

12. Homestead Deed Requirement and § 34-17 Deadline

12.1 The Recorded Homestead Deed

Virginia is among the very few states that historically required a debtor to record a separate Homestead Deed in circuit court to perfect the § 34-4 exemption. Va. Code § 34-6 (real property) and § 34-14 (personal property) prescribe the form.

12.2 The Bankruptcy Schedule-C Substitute (Effective July 1, 2020)

Va. Code §§ 34-6 and 34-14 were amended in 2020 to provide that, in a Title 11 case, the debtor's official Schedule of Property Claimed as Exempt (Schedule C) is sufficient to set apart the property as exempt without recording a separate Homestead Deed.

12.3 Va. Code § 34-17 Deadline

A debtor in voluntary or involuntary bankruptcy must set aside exempt property on or before the fifth day after the date of the meeting of creditors held under 11 U.S.C. § 341, but not thereafter.

Failure to claim by the deadline (whether by Schedule C or recorded deed) is fatal to the claim of exemption. In re Smith, 45 B.R. 100 (Bankr. E.D. Va. 1984) (denying exemption for missed deadline).

13. Debtor Certification

I, the undersigned debtor, certify under penalty of perjury under the laws of Virginia and the United States that:

1. The information set forth in this worksheet is true and correct to the best of my knowledge after reasonable inquiry;
2. I have disclosed all prior homestead deeds I have ever filed in any jurisdiction, together with the amounts claimed thereon, so that the lifetime aggregate cap of Va. Code § 34-4 may be properly computed;
3. I understand Virginia is an opt-out state under Va. Code § 34-3.1 and I cannot elect the federal § 522(d) exemptions;
4. I understand that the deadline to claim exemptions is five (5) calendar days after the conclusion of the meeting of creditors under 11 U.S.C. § 341, per Va. Code § 34-17;
5. I understand that knowingly making a false claim of exemption may constitute bankruptcy fraud under 18 U.S.C. § 152.

Debtor Signature: [________________________________] Date: [__/__/____]

Joint Debtor Signature: [________________________________] Date: [__/__/____]

Attorney Signature (if represented): [________________________________] Date: [__/__/____]

VSB No.: [____________]

14. Sources and References

Statutes (Va. Code, Title 34 — Homestead and Other Exemptions)

• Va. Code § 34-3.1 — Property specified in Bankruptcy Reform Act not exempt (opt-out): https://law.lis.virginia.gov/vacode/title34/chapter1/section34-3.1/
• Va. Code § 34-4 — Exemption created: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-4/
• Va. Code § 34-4.1 — Additional exemption for certain veterans: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-4.1/
• Va. Code § 34-6 — How exemption of real estate secured; form to claim: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-6/
• Va. Code § 34-13 — Personal estate selected: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-13/
• Va. Code § 34-14 — How set apart in personal estate: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-14/
• Va. Code § 34-17 — When and how exemption may be set apart: https://law.lis.virginia.gov/vacode/title34/chapter2/section34-17/
• Va. Code § 34-26 — Poor debtor's exemption: https://law.lis.virginia.gov/vacode/title34/chapter3/section34-26/
• Va. Code § 34-28.1 — Personal injury and wrongful death: https://law.lis.virginia.gov/vacode/title34/chapter3/section34-28.1/
• Va. Code § 34-28.2 — Tax credit exemption: https://law.lis.virginia.gov/vacode/title34/chapter3/section34-28.2/
• Va. Code § 34-29 — Maximum disposable earnings subject to garnishment: https://law.lis.virginia.gov/vacode/title34/chapter4/section34-29/
• Va. Code § 34-34 — Retirement benefits: https://law.lis.virginia.gov/vacode/title34/chapter5/section34-34/

Federal Authority

• 11 U.S.C. § 522 — Exemptions: https://www.law.cornell.edu/uscode/text/11/522
• 11 U.S.C. § 341 — Meetings of creditors: https://www.law.cornell.edu/uscode/text/11/341
• 15 U.S.C. § 1673 — CCPA wage garnishment limits: https://www.law.cornell.edu/uscode/text/15/1673
• 42 U.S.C. § 407 — Social Security anti-attachment: https://www.law.cornell.edu/uscode/text/42/407
• 38 U.S.C. § 5301 — Veterans' benefits anti-attachment: https://www.law.cornell.edu/uscode/text/38/5301
• Patterson v. Shumate, 504 U.S. 753 (1992) — ERISA pension exemption

Local Bankruptcy Resources

• U.S. Bankruptcy Court, E.D. Va.: https://www.vaeb.uscourts.gov/
• U.S. Bankruptcy Court, W.D. Va.: https://www.vawb.uscourts.gov/
• Office of the U.S. Trustee, Region 4: https://www.justice.gov/ust/region-4
• 2024 c. 656 (homestead amendment): https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB1107

Practitioner References

• Gentry Locke, "Changes To Homestead Exemption Laws in Virginia" (2024)
• Hirschler Fleischer, "The General Assembly Enhances the Value of the Virginia Homestead Exemption"
• Nolo, "Virginia Homestead Exemption in Bankruptcy 2026"

End of Va. Bankruptcy Exemption Worksheet — verify all dollar amounts on law.lis.virginia.gov before relying.