Homestead and Other Exemptions

Passed

P HB1559

Exemptions in bankruptcy; time limitations. Changes the date for setting aside that real or personal property which is exempt from bankruptcy proceedings from on or before the fifth day of the date initially set for the meeting of creditors and equity security holders to on or before the fifth day of the date such meeting is held.
Patron - Sherwood

P HB1695

Creditors; retirement benefits exempt. Increases the amount of an individual retirement account, to which an employer does not contribute, that is exempt from the claims of an individual's creditors from an amount sufficient to generate $17,500 annually to an amount sufficient to generate $25,000 annually.
Patron - Spruill

P HB1714

Garnishment; increasing maximum portion of protected disposable earnings. Increases the amount of a worker's aggregate disposable earnings protected from garnishment. Currently, the amount subject to garnishment may not exceed the lesser of (i) 25 percent of the worker's disposable weekly earnings or (ii) the amount by which his disposable earnings exceed 30 times the federal minimum hourly wage. This bill raises the federal minimum wage multiplier from 30 to 40.
Patron - Kilgore

Failed

F HB1642

Homestead exemption. Increases the homestead exemption from $5,000 to $10,000.
Patron - Orrock

F HB1698

Retirement benefits exempt from creditors. Extends the protections against creditor demands to all moneys in a retirement account to which an employer does not contribute. Under current law, the exemption from creditor demands applies only to that amount of investment in an account that generates an annual benefit in excess of $17,500. The proviso that the exemption does not apply to demands for child or spousal support is retained.
Patron - Spruill

CONTENTS | < PREVIOUS | NEXT > | BILL INDEX

General Assembly>Division of Legislative Services>Publications>Session Summaries>2005>Homestead and Other Exemptions

E-mail Webmaster