Legal Question in Bankruptcy in Virginia

HomeStead

I am preparing my Declaration of Homestead Deed. I live in Virginia. My questions is this. I have already filed my Chapter 7 Petition, is it to late to filr this Homestead Deed? I understand the exemption amount to be 5,000.00 per household owner + 500.00 per dependant. If my husband and I are both filing, do we double the dependant amount if we have 4 children, or are they claimed by us together once? Pretty confusing.... Also, are your personal income taxes (we will have a refund in 2007) part of this same exemption ?

Thanks,

SP


Asked on 2/05/08, 12:35 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: HomeStead

Dependants can only be claimed once. You can file until 5 days after the 341 meeting of creditors. Your tax refund does have to be claimed on the homestead deed. Your bankruptcy lawyer should be able to advise you - IF YOU DON'T HAVE ONE, GET ONE NOW!

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Answered on 2/05/08, 6:59 pm


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