Legal Question in Bankruptcy in Virginia

Va Homestead Exemption/Deed

Two related questions for a Chap 7 Bankruptcy filing:

1. In VA, if I have full title to a vehicle worth $4000, can I take the standard

debtor's exemption for a motor vehicle of $2000 and have the remaining

$2000 in equity be covered under my $5000 homestead exemption?

2. If so, how should I phrase/describe that on my Homeowners Deed form -

and will that then mean I have $3000 left to exempt for other personal

property?

Thank you


Asked on 9/11/05, 8:47 pm

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

Re: Va Homestead Exemption/Deed

Yes, you can exempt part of the equity as the car exemption and the rest as homestead.

Don't try to file bankruptcy yourself - get a lawyer.

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Answered on 9/11/05, 9:16 pm


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