Legal Question in Bankruptcy in Virginia

Re: homestead deed

A homestead deed in Va. is the way of exempting assets (other than certain assets that are specifically exempt) from creditor process. Each "householder" (adult resident) can claim $5000 + $500 per dependent, plus $2000 if a disabled veteran. It is claimed by filing a deed in a specified form in land records (for personal propery, where the householder resides, and for real property, where the real estate is located). There are deadlines to file, which depend on whether it is being filed in or out of bankruptcy. Once an asset is claimed, the amount can be amended, but an asset cannot be added after the deadline. You are only entitled to the $5000 + $500 + $2000 exemption once per lifetime - when it is exhausted, it cannot be used again.