Summary as introduced:
Homestead exemption; exemptions in bankruptcy petition; poor debtor’s exemption; bankruptcy exemptions. Makes various changes to homestead exemptions, including providing that the official schedule of property claimed exempt filed with the United States Bankruptcy Court in a bankruptcy proceeding constitutes a sufficient writing to exempt such real and personal property from creditor process. Currently, the person claiming such an exemption must record a writing in the manner deeds are recorded where the person resides for personal property or where the real property is located. The bill provides that a claim of exemption shall only be effective for seven years from the date the exemption is first claimed. The bill also provides that a householder may hold exempt from creditor process real or personal property that the householder or his dependent claims as a primary residence not exceeding $25,000 in value. This exemption is in addition to the current $5,000 ($10,000 if the householder is 65 years of age or older) exemption allowed by law. The bill adds certain specific items of personal property to the list of what a debtor may hold exempt from creditor process.
The bill also repeals the provision that establishes that only the exemptions allowable under Virginia law, and not the exemptions specified in subsection (d) of § 522 of the Bankruptcy Reform Act, may be claimed in any bankruptcy proceeding. Currently, Virginia, as permitted by federal law, has opted out of the federal exemptions in favor of its own exemptions.Full text:
01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12101423D pdf
01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12101423D
01/10/12 Senate: Referred to Committee for Courts of Justice
02/08/12 Senate: Stricken at the request of Patron in Courts of Justice (15-Y 0-N)