Definition of Householder in Virginia Bankruptcy Law
In Virginia, residents may seek protection from their creditors through bankruptcy. All the debtor's property becomes the property of the bankruptcy estate upon the commencement of the bankruptcy filing. Virginia law provides for certain property to be excluded from the bankruptcy estate.
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What is a Householder?
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The Virginia Code defines a householder as any resident of Virginia. To demonstrate that you are a resident of Virginia, you must be able to show you live in Virginia and you intend to remain there indefinitely. Your intent to remain indefinitely is evidenced by a driver's license, paying Virginia income taxes and registering your car in Virginia.
What is the Benefit of Being a Householder?
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Being a householder entitles an individual to the homestead exemption and other certain enumerated exemptions in Virginia bankruptcy law.
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What is Included in the Homestead Exemption of Householder?
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The homestead exemption of a householder includes money and debts due to the householder in an amount not to exceed $5,000. If the householder is older than age 65, the exemption is increased to an amount not to exceed $10,000. Additionally, a householder that supports dependents will receive an exemption increase of $500 for each dependent. Additionally, if a householder wishes to exempt certain real estate, such as the residence in which the householder lives, the householder must declare his intention to receive such benefit.
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References
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