Can I combine the wildcard exemption with another exemption in bankruptyc? 9 Answers as of March 17, 2011Can I combine the wildcard exemption with another exemption? For example, if the remaining balance on a purchase note for a motor vehicle is $11,630, can I use the wildcard plus the $3,450 vehicle exemption to exempt the vehicle completely? Also, can any unused value of the wildcard exemption be used for multiple items.
The Law Office of John T. MacDonald Jr., PLLC | John MacDonald Jr.
I'm not sure that I understand your question. If you still owe on the car loan then you would not be using an exemption. An exemption may be given so that you can keep property that you out right own or have some equity in and not be forced to turn over to the trustee. If you have further questions please feel free to contact me.
Answer Applies to: Michigan
Law Offices of Joseph A. Mannis | Todd Mannis
Yes, you may use the wildcard in conjunction with another appropriate exemption in order to protect equity in an asset. You may do so until the wildcard is exhausted. Should you wish, please do not hesitate to call me with further questions or to set up a consultation.
Answer Applies to: California