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2012 SESSION
12101423DBe it enacted by the General Assembly of Virginia:
1. That §§ 34-6, 34-14, 34-17, 34-21, and 34-26 of the Code of Virginia are amended and reenacted as follows:
§ 34-6. How exemption of real estate secured; form to claim exemption of real property.
In order to secure the benefit of the exemptions of real estate under §§ 34-4 and 34-4.1, the householder, by a writing signed by him and duly admitted to record, to be recorded as deeds are recorded, in the county or city wherein such real estate or any part thereof is located and if such property is located outside of the Commonwealth, in the county or city where the householder resides, shall declare his intention to claim such benefit and select and set apart the real estate to be held by the householder as exempt, and describe the same with reasonable certainty, affixing to the description his cash valuation of the estate so selected and set apart. Equitable as well as legal estates may be so selected and set apart. However, if such real estate is claimed exempt in a petition filed under Title 11 of the United States Code, the official schedule of property claimed exempt filed in the United States Bankruptcy Court claiming such exemptions shall be sufficient to set apart such property as exempt.
The following form, or one which is substantially similar, shall be used and shall be sufficient for the writing required by this section:
HOMESTEAD DEED FOR REAL PROPERTY
Name of Householder ..................................................
Name of title holder of record (if different) ........................
Is the householder a disabled veteran entitled to claim the additional
exemption under § 34-4.1? ............................................
Address of Householder ...............................................
Name(s) and age(s) of dependent(s) ...................................
County/city/state in which real property claimed as exempt is located
......................................................................
......................................................................
Description of property claimed as exempt ............................
......................................................................
......................................................................
Value of property described above ....................................
Number of homestead deeds that have been filed by the Householder
......................................................................
Exemption amount previously claimed on prior homestead deeds
......................................................................
List the jurisdictions where previous homestead deeds were filed
......................................................................
.................... ........................................
.................... (Signature of Householder)
[ACKNOWLEDGMENT]
Such writing or deed shall not be required to secure any exemption under this Code except those exemptions created by §§ 34-4 and 34-4.1.
§ 34-14. How set apart in personal estate; form to claim exemption of personal property.
Such personal estate selected by the householder and under §§
34-4, 34-4.1, or §
34-13 shall be set apart in a writing signed by him. He shall, in the writing,
designate and describe with reasonable certainty the personal estate so
selected and set apart and each parcel or article, affixing to each his cash
valuation thereof. Such writing shall be admitted to record, to be recorded as
deeds are recorded in the county or city wherein such householder resides. However, if such personal estate is claimed exempt
in a petition filed under Title 11 of
the United States Code, the official schedule
of property claimed
exempt filed in the
United States Bankruptcy Court claiming such exemptions shall be sufficient to set apart such property as exempt.
The following form, or one which is substantially similar, shall be used and shall be sufficient, when duly admitted to record in the county or city in which the householder resides, to exempt such described personal property from creditor process:
HOMESTEAD DEED FOR PERSONAL PROPERTY
Name of Householder .............................................
Is the householder a disabled veteran entitled to claim the
additional exemption under § 34-4.1? ............................
Address of Householder ..........................................
Name(s) and age(s) of dependent(s) ..............................
County/city in which householder resides .....................
Description of property claimed as exempt and its value .........
.................................................................
Number of homestead deeds that have been filed by the Householder
.................................................................
Exemption amount previously claimed on prior homestead deeds
.................................................................
List the jurisdictions where previous homestead deeds were filed
.................................................................
.................... ..............................
.................... (Signature of Householder)
[ACKNOWLEDGMENT]
Such writing or deed shall not be required to secure any exemption under this Code except those exemptions created by §§ 34-4, 34-4.1 and 34-13.
§ 34-17. When exemption may be set apart; garnished wages.
A. The real or personal estate which
that a
householder is entitled to hold as exempt may be set apart at any time before
it is subjected by sale under creditor process or
by a trustee in bankruptcy, or, if such creditor process
does not require sale of the property, before it is turned over to the creditor or disbursed by the trustee
in bankruptcy. To claim an exemption
in bankruptcy, a householder who (i) files a voluntary petition in bankruptcy
or (ii) against whom an involuntary petition in bankruptcy is filed shall set
such real or personal property apart on or before the fifth day after the date
of the meeting held pursuant to 11 U.S.C. § 341, but not thereafter. A
householder who converts a case from Chapters 11, 12, or 13 to Chapter 7 shall
set such real or personal property apart on or before the fifth day after the
date of the meeting held pursuant to 11 U.S.C. § 341 in the Chapter 7 case, but
not thereafter. Nothing in this section shall affect the right of the trustee
in bankruptcy, with the approval of the court, to proceed immediately with the
sale or other disposition of personal property which the trustee determines to
be perishable or particularly susceptible to price deterioration.
B. A claim of homestead exemption to protect garnished wages may be filed by the debtor after the garnishment summons is served on the employer but prior to or upon the return date of the garnishment summons and shall be considered by the garnishing court.
§ 34-21. When householder's right to exemption is exhausted.
When the maximum amount
of property, whether real or personal,
or both, has been once set
apart to be held by a householder as exempt under § 34-4 or
§,
34-4.1, he shall not afterwards be entitled to the
exemption of any estate other than that so set apart or as otherwise provided
by law or 34-13, the
amount of property set aside, for a period of
seven years from the time the
householder last claimed the exemption, shall
be applied against the maximum amount to which he
is entitled to set apart as exempt under §
34-4 or 34-4.1.
§ 34-26. Poor debtor's exemption; exempt articles enumerated.
In addition to the exemptions provided in Chapter 2 (§ 34-4 et seq.), every householder shall be entitled to hold exempt from creditor process the following enumerated items:
1. The family Bible.
1a. Wedding and engagement rings.
2. Family portraits and family heirlooms not to exceed $5,000 in value.
3. (i) A lot in a burial ground, and (ii) any preneed funeral contract not to exceed $5,000.
4. All wearing apparel of the householder not to exceed $1,000 in value.
4a. All household goods and furnishings
including, but not limited to, beds, dressers, floor coverings, stoves,
refrigerators, washing machines, dryers, sewing machines, pots and pans for
cooking, plates, and eating
utensils, books and music without regard to format, and
personal electronics not to exceed $5,000 in value.
4b. One firearm Firearms, not to exceed $3,000
in value.
5. All animals owned as pets, such as cats, dogs, birds, squirrels, rabbits and other pets not kept or raised for sale or profit.
6. Medically prescribed health aids.
7. Tools, books, instruments, implements, equipment, and machines, including motor vehicles, vessels, and aircraft, which are necessary for use in the course of the householder's occupation or trade not exceeding $10,000 in value, except that a perfected security interest on such personal property shall have priority over the claim of exemption under this section. A motor vehicle, vessel or aircraft used to commute to and from a place of occupation or trade and not otherwise necessary for use in the course of such occupation or trade shall not be exempt under this subdivision. "Occupation," as used in this subdivision, includes enrollment in any public or private elementary, secondary, or career and technical education school or institution of higher education.
8. A motor vehicle, not held as exempt under subdivision 7, owned by the householder, not to exceed $6,000 in value, except that a perfected security interest on the motor vehicle shall have priority over the claim of exemption under this subdivision.
9. Real or personal property that the householder or a dependent of the householder claims as the primary residence, not exceeding $25,000 in value.
10. Educational books, materials, and equipment, including such items used for home school instruction, that are used by the householder or a dependent of the householder who is a minor or who is enrolled in an elementary or secondary school or an institution of higher education.
11. Personal effects and furniture that are exclusively used by a dependent of the householder who is a minor, disabled, or 65 years of age or older.
12. Payments pursuant to the federal child tax credit under 26 U.S.C. § 24, as amended, and the federal earned income credit under 26 U.S.C. § 32, as amended.
The value of an item claimed as exempt under this section shall be the fair market value of the item less any prior security interest.
The monetary limits, where provided, are applicable to the total value of property claimed as exempt under that subdivision.
The purchase of an item claimed as exempt under this section with nonexempt property in contemplation of bankruptcy or creditor process shall not be deemed to be in fraud of creditors.
No officer or other person shall levy or distrain upon, or attach, such articles, or otherwise seek to subject such articles to any lien or process. It shall not be required that a householder designate any property exempt under this section in a deed in order to secure such exemption.
2. That § 34-3.1 of the Code of Virginia is repealed.