A debtor, who is both a farmer and a school principal, claimed a $10,000 exemption in farming equipment pursuant to Virginia Code section 34-26(7). The chapter 7 trustee objected, arguing that exemptions claimed under Virginia Code section 34-26(7) are limited to a debtor’s primary or principal occupation or trade. Because the language of the statute does not limit the exemption to a debtor’s primary or principal occupation or trade, the Court overruled the trustee’s objection.
Monday, November 22, 2021
Chapter 7 Issues