Roanoke, VA asked in Bankruptcy and Collections for Virginia

Q: Would filing a homestead deed protect my motorcycle?

I have car fmv at $ 4575 and motorcycle fmv at $ 2310. I am "collection proof" regarding all other assets.

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2 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You can use the auto exemption for the car and the wildcard or catchall provision for the motorcycle. The homestead exemption does not apply.

Robert R Weed
Robert R Weed
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Annandale, VA
  • Licensed in Virginia

A: Yes. You are allowed $6000 for motor vehicles, which you can split. $4575 on the car, leaving $1425 for the motor cycle. Then you are right that the Virginia "homestead deed" can cover the rest of the bike.

Since your assets are all exempt, you might consider savings money to file a Chapter 7 bankruptcy, which would get you back to good credit far faster than anything else you can do.

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