Since I am a renter, am I correct that I cannot claim the wildcard exemption so would be limited to an approximately $5,000 total on the cars? 11 Answers as of December 13, 2016

I rent a home and have my three adult children (18 or over) living with my wife and I. Each of them own a car that is in my name for insurance purposes. The total value of their cars is probably $ 10,000-15,000, and my wife and I each have cars worth approximately $4500/each (no liens on any of the cars).

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Colorado has no "wild card" exemption. Anyway, meet with a lawyer face to face. Your problem is an easy issue to address.
Answer Applies to: Colorado
Replied: 12/13/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You can use the wildcard if your state permits it. You can add any of it to the other defined exemptions.
Answer Applies to: California
Replied: 12/13/2016
Ronald K. Nims LLC | Ronald K. Nims
You can claim the wildcard exemption but in Ohio that's small. If you hold only the title to your children's vehicles they will not be subject to your bankruptcy. That means the vehicles were paid for by the children, are used by the children and are maintained by the children. The trustee may require proof that the children paid for them and use them (such as bank records and insurance policies.
Answer Applies to: Ohio
Replied: 12/10/2016
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
If you own no real estate, or have no equity in your real property, then you would likely choose the set of exemptions that includes the wildcard. Being a renter has no impact. The best thing you can do is go and see a knowledgeable local bankruptcy attorney for a consultation.
Answer Applies to: California
Replied: 12/10/2016
Stephens Gourley & Bywater | David A. Stephens
You and your wife can each exempt one vehicle. You can each use the wild card of $1,000.00 to exempt value in other vehicles, if you wish. You may have to convince the trustee that the other cars are not yours even though they are titled in your name.
Answer Applies to: Nevada
Replied: 12/10/2016
    Patrick W. Currin, Attorney at Law | Patrick Currin
    No, the fact that you rent makes the wildcard the option to use. You can exempt a wildcard amount of about $25,000 of anything, but there are also other exemptions you can use. You should consult a bankruptcy attorney. The cost is probably far less than you'd expect and the stress relief and elimination of risk in the proceeding is well worth it.
    Answer Applies to: California
    Replied: 12/10/2016
    OlsenDaines | Rex Daines
    No, you are not correct. You have it backwards. Since you are not using a homestead exemption, you get the full wildcard as well as two vehicle exemptions. If your values are correct and you don't have other assets you need to use the wildcard on, then your will be able to protect all of the cars.
    Answer Applies to: Oregon
    Replied: 12/10/2016
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    First, there is no wildcard exemption in Utah. Some states have so-called "wildcard" exemption, which is an amount that can be applied to any asset. Utah has no such exemption in its laws. You do have a $3,000 vehicle exemption per debtor, meaning if your wife and you file jointly, together you can exempt $6,000 in up to two vehicles. The exemptions can be combined onto one car or each of you can use your individual exemption on separate cars. What you cannot do is split the exemption between more than one car. For example, if you have a car worth $2,500 and a second car worth $3,500, you can't apply $2,500 of one exemption to the first car and the remaining $500 to the second car. If you choose to apply one exemption to the $2,500 car, you have waived or forfeited the remaining $500 of that exemption.
    Answer Applies to: Utah
    Replied: 12/10/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    If you are eligible for the federal exemptions, you can use one-half of the homestead exemption as a wildcard for any asset. So if you are filing jointly with your wife, you could probably exempt all the vehicles. With so many assets at stake, however, you really should get legal counsel to protect yourself.
    Answer Applies to: Oregon
    Replied: 12/10/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    I think you are not correct. If you live in Wisconsin (or any other state which permits a debtor To choose between the State and Federal exemptions, you are entitled to claim the federal List, and therefore to use the wild card.
    Answer Applies to: Wisconsin
    Replied: 12/10/2016
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You can use the wildcard but are limited to 4000 for the limit for each debtor. To use both your wife's name would need to be on them. I would recommend you doing a ch 13.
    Answer Applies to: Florida
    Replied: 12/10/2016
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