QUESTION
Can you add the wildcard exemption to the homestead exemption to protect the exposed equity in you home in chapter 7?
Asked on Jul 21st, 2014 on Bankruptcy - California
12 ANSWERS
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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You cannot combine the wildcard exemption and the homestead exemptions. State of California provides for two sets of exemptions but you must choose which set you will use and then are confined to the exemptions in that set. Based on your question, I assume that you have equity in your property and a limited understanding of the exemptions. This is a dangerous combination. I highly recommend hiring an experienced competent bankruptcy attorney to assist you.
Answered on Aug 11th, 2014 at 4:09 AM
In Nevada,the wildcard can only be applied to personal property, not to real estate.
Answered on Jul 30th, 2014 at 6:41 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You do realize the Ohio homestead exemption is $132,900 ($265,800 for a married couple)? If your home equity is in excess of $132,900 ($265,800 married) you can also use the wildcard exemption if $1,225 ($2,450 married) but I generally would use the wildcard to protect other property. For example, if your home is worth $300,000, you're married and have no mortgage, you can use the $265,800 exemption which leaves $34,200 of equity exposed. However to actually use that exposed equity, the trustee would have to sell your house, pay the realtor and the other costs of sale and the trustee has no guarantee that she's going to actually get the $300,000 sales price, just the fact that the house is in bankruptcy is going to make the sale tougher. So maybe she only gets $280,000, now the costs will eat up the entire exposed equity and the trustee gets nothing. The trustee isn't going to sell a property unless there is a substantial amount of equity that she's sure she'll get free and clear, I'm not sure that the measly $2,450 of wildcard exemption will make any difference in that determination.
Answered on Jul 23rd, 2014 at 3:29 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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The Law Offices of Peter M. Lively
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For CA residence, you must choose between CCP 703 and CCP 704 exemptions. 703 has the wildcard and 704 has the traditional homestead exemption. It is best to consult with a bankruptcy lawyer regarding choice of exemptions.
Answered on Jul 23rd, 2014 at 3:29 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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In California, you have two exemption statutes to choose from: CCP Sec. 703 and CCP Sec. 704. Under 704, you have homestead exemtions of $75,000 to $175,000, but no wildcard. Under 703, you have a homestead exemption, plus wildcard, totaling $25,340.00. You cannot combine 703 and 704; you have to choose one or the other.
Answered on Jul 23rd, 2014 at 3:08 PM
No, Neb Rev Stat 25-1552 can not be applied to real estate.
Answered on Jul 23rd, 2014 at 3:00 PM
Yes you can. The wildcard exemption as well as the head of household exemptions, can be applied to the equity in any asset, including the homestead.
Answered on Jul 23rd, 2014 at 2:54 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Yes. Since what you are doing is making legal judgment calls, you probably should consult an experienced specialized bankruptcy attorney when you are that close.
Answered on Jul 23rd, 2014 at 2:49 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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You could but the wildcard exemption is very minimal when you use the full D1 (homestead exemption) under the Federal exemptions.
Answered on Jul 23rd, 2014 at 2:48 PM
Bankruptcy & Debt Attorney serving St. Augustine, FL
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St. Johns Law Group
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No. You can only claim the wildcard exemption if you do not claim the homestead exemption. You can, however, claim the personal property exemption and the wildcard exception together.
Answered on Jul 23rd, 2014 at 2:45 PM
No. You must chose one or the other.
Answered on Jul 23rd, 2014 at 2:44 PM
2 Awards
Yes but the wild card is only $1000.
Answered on Jul 23rd, 2014 at 2:44 PM