What Creditors Can't Take in Virginia
Money, home and vehicle exemptions that protect your property from creditors in Virginia.
Short answer: No separate cash exemption, but a householder may protect up to $5,000 ($10,000 if 65 or older) of any property, including money in a bank, plus $500 per dependent. Va. Code 34-4; 8.01-512.4
| Money protected in a bank account | No separate cash exemption, but a householder may protect up to $5,000 ($10,000 if 65 or older) of any property, including money in a bank, plus $500 per dependent. Banks must automatically exempt certain federal and state benefit payments, and a notice of exemptions must accompany any bank garnishment. Amounts in 34-4 will be inflation-adjusted every three years starting April 1, 2027. Source: Va. Code 34-4; 8.01-512.4 |
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| Homestead exemption | Up to $50,000 in real or personal property used as the principal residence of the householder or dependents, in addition to the $5,000 ($10,000 if 65 or older) wildcard and $500 per dependent. Section last amended 2024 (c. 656). Each dollar amount is to be adjusted for inflation on April 1, 2027 and every three years after. Source: Va. Code 34-4 |
| Vehicle exemption | Motor vehicles up to a total of $10,000 in value (a perfected lien has priority). Vehicles needed for the householder's work can also fall within the $10,000 tools-of-trade exemption. Source: Va. Code 34-26(7)-(8) |
| Bankruptcy exemptions | Virginia has opted out of the federal bankruptcy exemptions; residents use Virginia exemptions. Source: Va. Code 34-3.1 |
Where to get help in Virginia
More Virginia debt & collections
- Statute of Limitations on Debt in Virginia
- Wage Garnishment in Virginia
- How to Respond to a Debt Collection Lawsuit in Virginia
- Medical Debt Protections in Virginia
- All Virginia debt & collections rules
FAQ
How much money in a bank account is protected from creditors in Virginia?
No separate cash exemption, but a householder may protect up to $5,000 ($10,000 if 65 or older) of any property, including money in a bank, plus $500 per dependent. Banks must automatically exempt certain federal and state benefit payments, and a notice of exemptions must accompany any bank garnishment.
What is the homestead exemption in Virginia?
Up to $50,000 in real or personal property used as the principal residence of the householder or dependents, in addition to the $5,000 ($10,000 if 65 or older) wildcard and $500 per dependent.
Can a creditor take my car in Virginia?
Motor vehicles up to a total of $10,000 in value (a perfected lien has priority). Vehicles needed for the householder's work can also fall within the $10,000 tools-of-trade exemption.
Which bankruptcy exemptions can I use in Virginia?
Virginia has opted out of the federal bankruptcy exemptions; residents use Virginia exemptions.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.