Homestead Exemption

There is a Homestead exemption of $5,000; if it can be shown that the debtor supports any dependents, there is an additional exemption of $500 for each dependent.  To see this statute, please click here.

Life Insurance and Annuities

Proceeds of insurance policies created by the insured on his life for the benefit of another are exempt.  To see this statute, please click here.

Group life insurance policies and proceeds are exempt.  To see this statute, please click here. To see this statute, please click here.

IRA

ERISA qualified benefits are exempt up to $25,000.  To see this statute, please click here.

Corporate Protections

Charging Order

Upon petition to a court with proper jurisdiction, a judgment creditor may obtain a charging order.  This order will charge the transferable interest of the debtor-partner to satisfy the judgment.  This charging order is the judgment creditor’s exclusive remedy.  To view this statute, please click here.

Business Acts

1.      Virginia Limited Liability Company Act

a.      To view this act, please click here.

2.      Virginia Uniform Partnership Act

a.      To view this act, please click here.

3.      Virginia Revised Uniform Limited Partnership Act

a.      To view this act, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.