Can you add the wildcard exemption to the homestead exemption to protect the exposed equity in you home in chapter 7? 19 Answers as of August 11, 2014

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Tokarska Law Center
Tokarska Law Center | Kathryn U. Tokarska
You cannot combine the wildcard exemption and the homestead exemptions. State of California provides for two sets of exemptions but you must choose which set you will use and then are confined to the exemptions in that set. Based on your question, I assume that you have equity in your property and a limited understanding of the exemptions. This is a dangerous combination. I highly recommend hiring an experienced competent bankruptcy attorney to assist you.
Answer Applies to: California
Replied: 8/11/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
In Nevada,the wildcard can only be applied to personal property, not to real estate.
Answer Applies to: Nevada
Replied: 7/30/2014
EDWARD P RUSSELL | EDWARD P RUSSELL
No. The exemption for homestead is para. 1 of Sect. 522 (d) of the Bankruptcy Code. The state exemption may be more suitable. In Minnesota the homestead exemption is $350,000.
Answer Applies to: Minnesota
Replied: 7/24/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
No, If you use the homestead exemption then the wildcard is not available.
Answer Applies to: New York
Replied: 7/23/2014
Law Office of Peter M. Lively
Law Office of Peter M. Lively | Peter M. Lively
For CA residence, you must choose between CCP 703 and CCP 704 exemptions. 703 has the wildcard and 704 has the traditional homestead exemption. It is best to consult with a bankruptcy lawyer regarding choice of exemptions.
Answer Applies to: California
Replied: 7/23/2014
    Ronald K. Nims LLC | Ronald K. Nims
    You do realize the Ohio homestead exemption is $132,900 ($265,800 for a married couple)? If your home equity is in excess of $132,900 ($265,800 married) you can also use the wildcard exemption if $1,225 ($2,450 married) but I generally would use the wildcard to protect other property. For example, if your home is worth $300,000, you're married and have no mortgage, you can use the $265,800 exemption which leaves $34,200 of equity exposed. However to actually use that exposed equity, the trustee would have to sell your house, pay the realtor and the other costs of sale and the trustee has no guarantee that she's going to actually get the $300,000 sales price, just the fact that the house is in bankruptcy is going to make the sale tougher. So maybe she only gets $280,000, now the costs will eat up the entire exposed equity and the trustee gets nothing. The trustee isn't going to sell a property unless there is a substantial amount of equity that she's sure she'll get free and clear, I'm not sure that the measly $2,450 of wildcard exemption will make any difference in that determination.
    Answer Applies to: Ohio
    Replied: 7/23/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    No, you can pick the "704" set of exemptions or the "703" set. You can not mix and match.
    Answer Applies to: California
    Replied: 7/23/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    In California, you have two exemption statutes to choose from: CCP Sec. 703 and CCP Sec. 704. Under 704, you have homestead exemtions of $75,000 to $175,000, but no wildcard. Under 703, you have a homestead exemption, plus wildcard, totaling $25,340.00. You cannot combine 703 and 704; you have to choose one or the other.
    Answer Applies to: California
    Replied: 7/23/2014
    Barnhart Law Office
    Barnhart Law Office | Bruce C Barnhart
    No, Neb Rev Stat 25-1552 can not be applied to real estate.
    Answer Applies to: Nebraska
    Replied: 7/23/2014
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Your Homestead exemption should cover all equity.
    Answer Applies to: Florida
    Replied: 7/23/2014
    The Law Office of M Grater LLC
    The Law Office of M Grater LLC | Mark O. Grater
    Yes, you may add the two exemptions together, at least in Connecticut.
    Answer Applies to: Connecticut
    Replied: 7/23/2014
    Law Office of Shawn N. Wright | Shawn N. Wright
    No, the wild card exemption is made up of the un-used homestead exemption. If you fully use the homestead exemption, then you won't have any wild-card exemption left over to use.
    Answer Applies to: Pennsylvania
    Replied: 7/23/2014
    MCBRIDE LAW OFFICE | Robert E. McBride
    Yes. If you have not applied the wild card exemption to protect other assets, you can use it to protect the equity in your home.
    Answer Applies to: Pennsylvania
    Replied: 7/23/2014
    Barnes Law Firm, LLC | Aunna Peoples
    Yes you can. The wildcard exemption as well as the head of household exemptions, can be applied to the equity in any asset, including the homestead.
    Answer Applies to: Missouri
    Replied: 7/23/2014
    David Andersen & Associates PC | Jeremy Shephard
    You could but the wildcard exemption is very minimal when you use the full D1 (homestead exemption) under the Federal exemptions.
    Answer Applies to: Michigan
    Replied: 7/23/2014
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    Yes. Since what you are doing is making legal judgment calls, you probably should consult an experienced specialized bankruptcy attorney when you are that close.
    Answer Applies to: California
    Replied: 7/23/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes but the wild card is only $1000.
    Answer Applies to: Nevada
    Replied: 7/23/2014
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