What is a called a wildcard exemption in bankruptcy? 10 Answers as of August 21, 2015

What is a wildcard exemption in bankruptcy? Do they have it in every state? Thanks.

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Wildcard exemption allows you to put that exemption towards whichever unexempt assets you need to. It is not in every state.
Answer Applies to: New York
Replied: 8/21/2015
Ronald K. Nims LLC | Ronald K. Nims
A wildcard exemption is an exemption for a certain amount (for example in Ohio it's currently $1,250) that can be applied to any property. Other exemptions only apply to specific property, for example the homestead exemption can only be applied to the debtor's principal residence. As an Ohio bankruptcy attorney, I'm an expert in Ohio bankruptcy laws but have only a passing familiarity with the bankruptcy laws of other states. Whether there is a wildcard exemption in every state is a question for a law professor, not a practicing lawyer.
Answer Applies to: Ohio
Replied: 8/21/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
Yes you get to keep anything to a certain point.
Answer Applies to: New York
Replied: 8/20/2015
John W. Lee, PC
John W. Lee, PC | Kim A. Lewis
The wildcard exemption is a federal exemption. You really should consult a bankruptcy attorney in your area for more specific information relating to exemptions in your particular case.
Answer Applies to: Virginia
Replied: 8/19/2015
Patrick W. Currin, Attorney at Law | Patrick Currin
In CA you can exempt around $25k of anything in addition to the normal exemptions.
Answer Applies to: California
Replied: 8/19/2015
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    A wildcard exemption is an exemption that can be applied to any piece of property in addition to exemptions that might already apply, or to property not otherwise covered by an exemption. Utah does not have a wildcard exemption as such. It does allow a $5,000 exemption to be applied to any piece of real property but that only applies if the debtor does not take advantage of the much larger homestead exemption. It could be used in this way. Suppose husband and wife jointly own a home and also own a vacation home or other real property. If one of the homestead exemptions fully protects the home, in other words, if the value of the home is less than the amount of the mortgage plus one homestead exemption, one of the parties can claim the exemption on the home and the other can claim the $5,000 exemption on the vacation home.
    Answer Applies to: Utah
    Replied: 8/19/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Most states do not have wildcard exemptions. Obviously, you have never played poker because a wildcard in poker can stand in for any other card. A wildcard in bankruptcy can stand in for any other form of exemption. For example, if you have a car with $5,000 equity and your state provides for a vehicle exemption of $3,000, the wildcard exemption can be used to fill in the difference.
    Answer Applies to: Nevada
    Replied: 8/19/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    No, not in every state. It is called "wildcard" because you can use it for any property. Suppose the car exemption is $5100.00 and you car is worth $10,000. You can take the shortage from the wildcard amount and add it to the $5100.00 to cover the car.
    Answer Applies to: California
    Replied: 8/19/2015
    D.J. Rausa, Attorney at Law | D.J. Rausa
    A wildcard exemption in bankruptcy is a law that allows a debtor to claim non specific property as exempt from creditors. Most states, but not all, have this type of exemption.
    Answer Applies to: California
    Replied: 8/19/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Every state has different exemptions. The Wildcard is part of the California Code of Civil Procedure (CCP) 703 set of exemptions. You have to choose from the CCP 703 and the CCP 704 set of exemptions depending on your circumstances. This is one of many places a knowledgeable local bankruptcy attorney is important.
    Answer Applies to: California
    Replied: 8/19/2015
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