CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

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

Five Tips to Help You with Bankruptcy Credit Counseling

Five Tips to Help You with Bankruptcy Credit Counseling

Bankruptcy Post Filing Education and Counseling Requirements If you’ve begun the bankruptcy process you already know about the education requirements....
Read More
Is a Business Loan Possible If I File for Bankruptcy?

Is a Business Loan Possible If I File for Bankruptcy?

Filing for Bankruptcy Filing for bankruptcy might make it seem as if your world has stopped, but the truth is...
Read More
What Should I Do to Prepare for My 341 Meeting of Creditors?

What Should I Do to Prepare for My 341 Meeting of Creditors?

The 341 Meeting of Creditors can be one of the most intimidating aspects of filing for bankruptcy but it doesn’t...
Read More
What Happens If I Die Mid-Bankruptcy?

What Happens If I Die Mid-Bankruptcy?

Life is unpredictable and so is death. Very few people are able to predict when they will die and in...
Read More
What Do I Need to Know about Property Seizure?

What Do I Need to Know about Property Seizure?

One of the scariest things that can happen when you’re dealing with out-of-control debt is property seizure. Creditors might legally...
Read More
I’m Self Employed – Can I File for Bankruptcy?

I’m Self Employed – Can I File for Bankruptcy?

When it comes to being self-employed, sometimes it seems the odds are stacked against you. Taxes, insurance, other expenses… the...
Read More
Can I Move Out of State after Filing for Bankruptcy?

Can I Move Out of State after Filing for Bankruptcy?

Most people know there are limitations on traveling and moving if someone is accused of committing a crime, but what...
Read More
What Should I Know about College Loan Debt?

What Should I Know about College Loan Debt?

If you’re thinking about borrowing money to pay for college or your child is thinking about college and you know...
Read More
Should You Continue Paying Your Debts after You Decide to File for Bankruptcy?

Should You Continue Paying Your Debts after You Decide to File for Bankruptcy?

One of the most common questions bankruptcy lawyers get from clients is whether or not they should keep making payments...
Read More
Debt in Collections? Five Things You Shouldn’t Do

Debt in Collections? Five Things You Shouldn’t Do

Having a debt be turned over to collections is not the end of the world. Even those who are careful...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

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

Pay Online     Bankruptcy Courses    

Office Locations

$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
Maps & Directions


Tampa Law Office Map

Satellite 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
Maps & Directions


Map and 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.