The Virginia Homestead Exemption will be increased on July 1, 2020, with an additional $25,000 which can be claimed in real or personal property serving as the debtor’s principal residence or the principal residence of his or her dependents. In addition, the Homestead Exemption will no longer have maximum lifetime limitations. Instead, the exemption essentially renews every eight (8) years, so a debtor will be entitled to claim amounts previously set forth again after eight years. Finally, debtors in bankruptcy will no longer be required to file a homestead deed within five days of the conclusion of the meeting of creditors. Instead, the listing of real and personal property amounts claimed as exempt on Schedule C shall be sufficient to set the property apart as exempt. The Homestead Exemption remains the catch-all, all purpose exemption for Virginia residents with a base amount of $5,000 plus $500 for each dependent. A Virginia resident 65 years or older may still claim a higher base amount of $10,000. A Virginia resident veteran with a service-related disability of forty percent (40%) or greater may still claim an additional $10,000 on top of the base amount. The Homestead Exemption may be claimed in any type of property or property interests, including equitable interests. Common uses of the Virginia Homestead Exemption include protecting the following types of assets: money in a financial institution, the otherwise unexempt portion of wages or commissions subject to garnishment, a tax refund owed to the debtor, money owed to the debtor from a third party, equity in property subject to a lien, excess equity in a motor vehicle, boat or recreational vehicle, valuable collectibles and personal property, and equity in real property.