Virginia STATE LAW

WAGE GARNISHMENT EXEMPTION:

– Federal law applies

MAXIMUM INTEREST RATE:

– Legal: 8% Judgment: 9% or contract rate

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit card): 3 years
– Written contract: 5 years
– Domestic Judgment: 20 years
– Foreign Judgment: 10 years

BAD CHECK LAW DAMAGES:

– Three times check amount or $250, whichever is less

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Code of Virginia)

– Cannot use federal exemptions, but can use federal non–bankruptcy exemptions
– The State of Virginia has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real Property:

– Real property up to $5,000; can add $500 per dependent; proceeds from sale of exempt property are also exempt (must file homestead exemption before filing bankruptcy) [34–4 and 34–6]

Personal Property:

– Must be a householder to claim any personal property exemption. Estate sale proceeds up to amount of unused real estate exemption [34–20]
– Tools, books and instruments of trade including motor vehicles, up to $10,000 total [34–26]
– Bible, unlimited amount [34–26(1)]
– Wedding and engagement rings, unlimited amount [34–26(1)(a)]
– Family portraits and heirlooms up to $5,000 total [34–26(2)]
– Burial plot, unlimited amount [34–26(3)], up to $1,000 worth of clothing [34–26(4)]
– Household furnishings up to $5,000 [34–26(4)(a)]
– Pets, unlimited amount [34–26(5)]
– Health aids, unlimited amount [34–26(6)]
– Motor vehicle up to $2,000 [34–26(8)]
– Farm equipment including up to $1,000 worth of fertilizer, two horses, two mules and gear, two plows, pitchfork, rake, wagon, drag, harvest cradle, two iron wedges and tractor valued up to $3,000 [34–27]
– Personal injury recoveries, unlimited amount [34–28.1]
– Uniforms, arms and equipment required for military use [44–96]
– Crops, unlimited amount [8.01–489]

Insurance / Annuities:

– Cooperative life insurance benefits, unlimited amount [38.2–3811]
– Benefits from fraternal society, unlimited amount [38.2–4118]
– Group life insurance policy or proceeds, unlimited amount [38.2–3339]
– Government group life or accidence insurance, unlimited amount [51.1–510]
– Burial benefits, unlimited amount [38.2–4021]
– Accident or sickness benefits, unlimited amount [38.2–3549]

Pensions / Retirement Plans:

– 75% of earned but unpaid pension payments (low income debtors might be allowed to keep more) [34–29]
– Employees of cities, towns and counties, unlimited amt [51.1–802]
– Retirement benefits up to $17,500 per year [34–34]

Public Benefits / Entitlements:

– Unemployment compensation, unlimited amount [60.2–600]
– Workers' compensation, unlimited amount [65.2–531]
– Aid to blind, aged, disabled, and families with dependent children and general assistance, unlimited amount [63.1–88]
– Crime victims' compensation, unlimited amt but not if debt for treatment of injury incurred during crime [19.2–368.12]

Wages:

– 75% of earned but unpaid wages [34–29]

Miscellaneous:

– Any property for disabled veteran homeowner up to $2,000 [34–4.1]
– Business partnership property (check statute for current exemption) [50–25]