Virginia’s $10,000.00 Exemption

Did you know that the Code of Virginia contains a special exemption for Virginians who are 65 years and older?

Every householder is entitled to hold exempt “from creditor process arising out of debt, real and personal property, or either, to be selected by the householder, including money and debts due the householder not exceeding $5,000 in value or, if the householder is 65 years of age or older, not exceeding $10,000 in value…”  This exemption can be very useful for senior citizens who are living on a fixed income and who have acquired by one reason or another, perhaps due to a death in the family, an asset of considerable value.

To discuss your financial options as they relate to bankruptcy, please call one of our lawyers at Winslow & McCurry, PLLC at (804) 423-1382 today.