A Homestead Deed is a list of property that a debtor otherwise would lose to a creditor that the debtor wants to protect from creditors. See the Code of Virginia, Title 58.1, Chapter 36, for a list of exempt property classes and a list of exempt organizations, corporations and associations.The 2020 Virginia General Assembly enacted significant changes to Virginia's most widely used exemption statutes in Title 34. I don't understand how Virginia's homestead exemption works. Disability income for the owner, spouse, or relatives is excluded. The dwelling on the property for which exemption is claimed must be occupied as the sole dwelling of the person or persons claiming exemption. The exemption is granted to eligible applicants on an annual basis. An applicant must reapply for eligibility no later than May 15 of each taxable year. You don't need to worry about any "homestead exemptions" in Virginia.
