CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What is the “Wild Card Bankruptcy Exemption”?

There 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.

Archive

Tampa Bankruptcy Law Blog

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Will Filing for Bankruptcy Affect My Job Search? What You Need to Know about Unemployment and Bankruptcy

Unemployment and Bankruptcy Searching for a job when you are faced with a dire financial situation is difficult. If you’ve...
Read More

Will I Need to Go to Court If I File for Bankruptcy?

File for Bankruptcy from Home One of the most intimidating aspects of filing for bankruptcy is meeting in person with...
Read More

COVID-19 and Debt – 5 Ways the Pandemic is Leading More People to Bankruptcy

COVID-19 Debt If you’re considering bankruptcy you aren’t alone. The last few months of 2020 have brought a great deal...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

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

Map And Directions

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

Map And Directions