Homestead exemptions; adds one firearm, not to exceed $3,000 value, to list of exemptions. (SB839)
Introduced By
Sen. Chap Petersen (D-Fairfax)
Progress
√ |
Introduced |
√ |
Passed Committee |
√ |
Passed House |
√ |
Passed Senate |
☐ |
Signed by Governor |
√ |
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 $5,000 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. The bill also provides that a debtor may not claim an exemption for property not lawfully owned by him or against debts based on judgments entered against the debtor for fraud or deceit. Amends § 34-26 (“Poor debtor\u2019s exemption; exempt articles enumerated.”), of the Code of Virginia. View Full Text »
Comments
petersen