Homestead and other exemptions; exemption of real or personal property. (HB2428)
Introduced By
Del. Robin Abbott (D-Newport News)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Homestead and other exemptions. Raises the homestead exemption from real or personal property not exceeding $5,000 in value to personal property not exceeding $5,000 in value and real property not exceeding $25,000 in value. The bill also adds certain specific items of personal property to the list of what a debtor may hold exempt from creditor process and increases from $2,000 to $7,500 the value of an automobile that may be held as exempt. The bill also provides that the amount of certain exemptions shall be adjusted for inflation every three years. The bill also provides that a debtor may elect between the exemptions permitted under federal bankruptcy law and Title 34. Current law does not allow a debtor to elect the bankruptcy exemptions. Read the Bill »
Status
01/31/2011: Merged into HB1422
History
| Date | Action |
|---|---|
| 01/18/2011 | Presented and ordered printed 11103972D |
| 01/18/2011 | Referred to Committee for Courts of Justice |
| 01/19/2011 | Assigned Courts sub: #2 Civil |
| 01/24/2011 | Subcommittee recommends incorporating (HB1422-Albo) |
| 01/31/2011 | Incorporated by Courts of Justice (HB1422-Albo) |