HD77 - Virginia's Exemption Statutes

  • Published: 1990
  • Author: Joint Subcommittee
  • Enabling Authority: House Joint Resolution 284 (Regular Session, 1989)

Executive Summary:
House Joint Resolution 284, 1989, patroned by Delegate Whittington W. Clement (Danville), established a seven-member joint subcommittee to study Virginia's statutory property exemptions available to debtors against the claims of creditors. The resolution directed the joint subcommittee to reexamine these exemptions and analyze the equity and feasibility of protecting retirement and pension plans from attack by creditors. Several states have enacted statutes which specifically exempt retirement benefits from creditor process. Virginia currently protects certain other types of property from creditors (e.g., homestead, certain life insurance, and household items).

The membership of the joint subcommittee was appointed as follows: the Speaker of the House of Delegates appointed Delegates W. Tayloe Murphy, Jr., G. C. Jennings, and Robert W. Ackerman from the House Committee for Courts of Justice; delegate William J. Howell from the House Committee on Finance; and Delegate Whittington W. Clement as an ex officio member of the joint subcommittee. The Senate Committee on Privileges and Elections appointed Senators Elmo G. Cross, Jr., and Thomas J. Michie, Jr., from the Senate Committee for Courts of Justice, and Senator Howard P. Anderson from the Senate Committee on Finance.