Legal Question in Credit and Debt Law in Virginia

Who Do I See About filing A(n) Homestead Deed?

I filed for bankruptcy in 2002. was unempolyed in 2005-2006, so I again got caught up in debt (approx. $5000). I just inherited a condo and need to protect my self against creditors when they decide to seek a judgement. Where do I go about getting a Homestead Deed to protect my home from being taken from me?


Asked on 6/19/08, 1:21 am

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Who Do I See About filing A(n) Homestead Deed?

Va. Code Sec. 34-14 has a sample of a homestead deed with instructions as to how it is to be completed and filed with the appropriate court.

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Answered on 6/19/08, 8:51 am
Daniel Press Chung & Press, P.C.

Re: Who Do I See About filing A(n) Homestead Deed?

There is a lot of confusion about the term "homestead deed" in Virginia. In Va., there is no "homestead" exemption in the commonly understood sense. Rather, there is an exemption for up to $5000 of real or personal property (plus $500 per dependent and an additional $2000 if you are a disabled veteran), which is claimed by filing a "homestead deed". It is generally NOT a good idea to file a homestead deed before you need one in a bankruptcy case or in case of execution on a judgment, as the $5000 cap can only be used once in your lifetime. In some other states, one files a homestead deed in advance to declare one's home to be a homestead and exempt (in full or up to a limit), but not in Va. You can file after judgment/execution and receive the same benefit.

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Answered on 6/19/08, 10:09 am


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