Virginia Code 34-3.1: Property specified in Bankruptcy Reform Act not exempt
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No individual may exempt from the property of the estate in any bankruptcy proceeding the property specified in subsection (d) of § 522 of the Bankruptcy Reform Act (Public Law 95-598), except as may otherwise be expressly permitted under this title.
Terms Used In Virginia Code 34-3.1
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Exempt: means protected from all forms of creditor process. See Virginia Code 34-1
1979, c. 692.