The debtor filed a Homestead Deed that claimed as exempt under the Code of Virginia § 34-4, as amended “Reimbursed money to mother, Joyce Gillenwater, payment made 2/2/12 claimed as exempt $3,000.00.”  The trustee filed an objection to exemption stating that the debtor was not in possession of the $3,000.00 he paid to his mother and, therefore, did not retain a sufficient ownership interest in those funds to be able to file a homestead deed as to them.  The debtor asserted that he retained an interest in all property that was property alleged to be part of the bankruptcy estate, specifically any property alleged to have been transferred to someone alleged to be an insider within one year of the bankruptcy filing date, and that he was entitled to exempt such property by a properly filed homestead deed.  Relying upon two unpublished cases issued by the Court in 2003, the Court sustained the trustee’s objection.  In those decisions, the Court sustained similar objections for three reasons.  First, under Virginia law, there is no right to claim an exemption in property no longer owned by the exemption’s claimant.  Second, for a debtor properly to claim an exemption in the original schedules, the property claimed as exempt must be part of the bankruptcy estate on the date of filing.  And third, if the preferential payments made by the Debtors were to be recovered by the trustee, as to the debtors they would still be preserved under 11 U.S.C. § 551 for the benefit of the bankruptcy estate and their creditors generally.