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You are allowed to use up to $5,000 of the unused homestead exemption for any other property instead - including your collections.
Realistically, if the Bankruptcy trustee can sell your collections for anything over approximately $6,000, you should expect that he/she will do so.
(This is based on the assumption that you have lived in Virginia continuously for the past 2 years.)
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There is an option to pay the value over and above the $5,000, but it is tricky, because if you have available cash to pay, the Bankruptcy trustee can take that cash in addition to the collections. However, it would be okay for you to borrow the money, and sometimes you can arrange a payment plan with the trustee.
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