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Sunday, December 20, 2015

VA Bankruptcy -- a warning to those filing for the Homestead Exemption

Just a quick post here -- remember that you must file your notice of homestead election (VA) with the circuit court in the County were the debtor resides. This must be done by the fifth day after the meeting of creditors. See VA Code §34-17. If you fail to do so, the trustee will file to disallow your exemptions, and you'll be stuck arguing about the applicability of farm tools (the only thing excluded from the mandatory filing requirement!).

Conversely, the exemption of wages from the debtor's bank account is not subject to a homestead filing. The maximum allowable deduction from a debtor's personal account, when the monies therein stem from payments for work done, is 25% (limit of max garnishment in VA). Be prepared to argue "source of funds." See VA Code §34-29.

The format to file with the circuit court is:

NOTE: There is a difference between personal property and real-property. Be sure to indicate the filing when making it -- or use both if combining different exemptions!


See VA Code §34-14 (Personal Property)

HOMESTEAD DEED FOR PERSONAL PROPERTY
Name of Householder ____________________________________________

Is the householder a disabled veteran entitled to claim the additional exemption under § 34-4.1?

Address of Householder _________________________________________

Name(s) and age(s) of dependent(s) _____________________________

County/city in which householder resides _______________________

Description of property claimed as exempt and its value
________________________________________________________________

Number of homestead deeds that have been filed by the Householder
________________________________________________________________

Exemption amount previously claimed on prior homestead deeds
________________________________________________________________

List the jurisdictions where previous homestead deeds were filed
________________________________________________________________

________________________________________ (Signature of Householder)

STATE: COUNTY: This document was acknowledged before me by _______________________ or _______________________.

Signature of Notary:
Printed Name of Notary:
My commission expires:
My commission ID:


See VA Code §34-6 (Personal Property)

HOMESTEAD DEED FOR REAL PROPERTY
Name of Householder _______________________________________________
Name of title holder of record (if different) _____________________
Is the householder a disabled veteran entitled to claim the additional exemption under § 34-4.1?
Address of Householder ____________________________________________
Name(s) and age(s) of dependent(s) ________________________________
County/city/state in which real property claimed as exempt is located
___________________________________________________________________

Description of property claimed as exempt _________________________
___________________________________________________________________

Value of property described above _________________________________

Number of homestead deeds that have been filed by the Householder
___________________________________________________________________

Exemption amount previously claimed on prior homestead deeds
___________________________________________________________________

List the jurisdictions where previous homestead deeds were filed
___________________________________________________________________

________________________________________ (Signature of Householder)



STATE: COUNTY: This document was acknowledged before me by _______________________ or _______________________.

Signature of Notary:
Printed Name of Notary:
My commission expires:
My commission ID:


Do you have a question about bankruptcy law? We practice in many different Federal jurisdictions -- we would be glad to chat with you about your questions and your case. 1-800-579-9864 or admin@hanoverlawpc.com.

Hanover Law, PC
Offices in Fairfax, VA and Washington, DC
www.hanoverlawpc.com
2751 Prosperity Ave, Ste 150
Fairfax, VA 22031
Sean R. Hanover, Esq.
Stephen Salwierak, Esq.
Lili O'connell, Esq.
Charles Hatley, Esq.
1-800-579-9864 admin@hanoverlawpc.com

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