Understanding the Homestead Exemption with Wilson C. Pasley, PLC
Virginia’s homestead exemption in bankruptcy is a critical tool for individuals seeking financial relief while protecting some of their assets. Attorney Wilson C. Pasley, PLC explains the importance of this for Roanoke-area residents. This exemption allows filers to shield a portion of their property during bankruptcy proceedings. It’s especially useful when trying to keep your home or other important assets during Chapter 7 or Chapter 13 filings.
How Much Can You Protect with the Homestead Exemption?
The homestead exemption in Virginia allows you to protect up to $5,000 of equity in your home, with an additional $500 for each dependent. If you are 65 years or older, you can protect up to $10,000. This exemption applies to real estate, personal property, and even bank accounts. However, Virginia law limits the exemption, so understanding how much you can protect is vital.
Filing a Homestead Deed is Critical
To take advantage of Virginia’s homestead exemption in bankruptcy, you must file a Homestead Deed. You must file this document with the court within a specific timeframe, usually before the bankruptcy discharge. Missing this step could result in losing your exemption, putting your property at risk.
Key Limitations of Virginia’s Homestead Exemption
While Virginia’s homestead exemption in bankruptcy offers some protection, there are limitations. For example, it doesn’t cover luxury items or second homes. Any exemptions exceeding the allowed amount may require liquidation of assets to pay creditors. Understanding these restrictions will help you manage expectations during bankruptcy.
Contact Wilson C. Pasley, PLC for Legal Support
If you need help navigating bankruptcy or criminal defense issues, Wilson C. Pasley, PLC in Roanoke, VA is here to provide expert guidance. Using valuable tools like the homestead exemption, our team can help you understand your rights and protect your interests.
Attorney Wilson C. Pasley PLC of Roanoke, VA, offers comprehensive bankruptcy services, guiding you every step of the way. Call (540) 266-1545 or visit us on Facebook. We can help you maximize benefits while defending your assets under Virginia’s homestead exemption in bankruptcy.
