CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

What is the “Wild Card Bankruptcy Exemption”?

What is the “Wild Card Bankruptcy Exemption”?

Wild CardThere are a lot of terms that arise when you’re considering bankruptcy. It’s important to understand what each thing means and whether or not it applies to you. This is especially true when it comes to exemptions because exemptions are used to protect your property and prevent them from being confiscated.

The so-called wild card exemption is a good example of this. Wild card exemptions are most commonly used in Chapter 7 bankruptcies, which liquidates assets and uses the proceeds to pay creditors.

How is the Wild Card Exemption Used to Help Bankruptcy Filers?

Bankruptcy filers can use the wild card exemption to help you protect assets that would otherwise be taken and liquidated. In some rare cases, the state does not allow a filer to use the wild card exemption, but most permit wild card exemptions at either the state or federal level.

The wild card exemption is different than the standard exemption because it doesn’t apply to a specific type of asset that is already listed by the law. It can be used to protect any type of asset as long as the state allows it. The term “wild card” means it’s flexible and can apply how you need it to apply. This is the case when it comes to assets and bankruptcy.

There are some limitations to the wild card exemption.

For instance, the federal wild card exemption is limited to a value of $1225 plus any unused portion of the federal homestead exemption up to $12,250 for a single filer. The amount is double when bankruptcy is being filed by a married couple. State exemptions vary from state to state.

In Florida, the bankruptcy wildcard exemption is $4000 for an individual filer. This means a debtor can claim up to $4,000 of personal property if he or she does not take advantage of the homestead exemption. For joint debtors in the state of Florida, the wildcard exemption is $8,000.

To learn more about exemption laws and the homestead exemption in Florida, check out this information.

How Does the Wild Card Exemption Work?

The wild card exemption makes it possible to protect any asset you own, even if it’s not a standard asset listed in the bankruptcy law. There are specific types of exemptions Chapter 7 filers can use, but the wild card can be used to cover what you need that isn’t already covered. It can be used on any asset and combined with other exemptions if that’s in your best interest.

Like many aspects of bankruptcy law, the wild card exemption can be complicated. Whether or not and how it will benefit a filer varies from case to case. It’s important to work with an experienced bankruptcy attorney to ensure you understand the law and apply it accordingly.

If you’d like more information or you want to know if the wild card exemption could benefit your case, we can help. Contact the Law Office of Robert M. Geller at 813.254.5696 to learn more or to schedule a consultation.

Tampa Bankruptcy Law Blog

Tips for Handling Creditor Harassment

Tips for Handling Creditor Harassment

Creditor Harassment and Bankruptcy Dealing with a significant amount of debt is difficult enough, but when creditors began hounding you...
Read More
Unexpected Debts that Can Lead to Bankruptcy

Unexpected Debts that Can Lead to Bankruptcy

Unexpected debt can cause financial issues and Bankruptcy Unemployment, poor management of credit cards and even divorce can push people...
Read More
What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

Tax Identity Theft and Credit The increasing popularity of filing tax returns online has given way to a rise in...
Read More
How To File for Bankruptcy [Infographic]

How To File for Bankruptcy [Infographic]

The Bankruptcy Filing Process Need to file for bankruptcy but not sure where to begin? The Law Offices of Robert...
Read More
Five Things You Need to Know about Bankruptcy Fraud

Five Things You Need to Know about Bankruptcy Fraud

What is Bankruptcy Fraud The average person filing for bankruptcy has no intention of committing fraud. He or she is...
Read More
The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

Preparing for a Bankruptcy consultation with a Bankruptcy Lawyer Filing for bankruptcy is a big decision. One of the most...
Read More
Should I Use My Retirement Savings to Avoid Bankruptcy?

Should I Use My Retirement Savings to Avoid Bankruptcy?

Financial problems can occur at any age. For those who are older and facing financial challenges as they near retirement,...
Read More
Credit Reporting Errors: Why You Need to Review Your Credit Report before Filing for Bankruptcy

Credit Reporting Errors: Why You Need to Review Your Credit Report before Filing for Bankruptcy

The importance of correcting credit errors before filing for bankruptcy Some people are shocked to learn how common it is...
Read More
Why Delaying Bankruptcy Might Be Your Biggest Financial Mistake Yet

Why Delaying Bankruptcy Might Be Your Biggest Financial Mistake Yet

Bankruptcy Mistakes There are those who are pushed into bankruptcy because of a medical emergency or the unexpected loss of...
Read More
Bankruptcy Dismissal vs Discharge: What’s the Difference?

Bankruptcy Dismissal vs Discharge: What’s the Difference?

The difference between bankruptcy dismissal and bankruptcy discharge For many, bankruptcy is unfamiliar territory and there are a lot of...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018Robert Marc GellerReviewsout of 32 reviewsLEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online   Bankruptcy Courses   

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.