QUESTION
Could I combine the wildcard exemption with another exemption in bankruptcy?
Asked on Aug 18th, 2015 on Bankruptcy - Illinois
More details to this question:
Can I combine the wildcard exemption with another exemption? For example, if the remaining balance on a purchase note for a motor vehicle is $11,630, can I use the wildcard plus the $3,450 vehicle exemption to exempt the vehicle completely? Also, can any unused value of the wildcard exemption be used for multiple items?
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, you can combine exemptions. But it's probably unnecessary. The trustee isn't going to try to sell a vehicle unless the equity is very large.
Answered on Aug 19th, 2015 at 11:11 AM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Yes, that is what it is for.
Answered on Aug 19th, 2015 at 9:47 AM
That is sort of what the wildcard exemption is there for. However, the wildcard exemption in Nevada can only be used to protect personal property, not real estate.
Answered on Aug 18th, 2015 at 5:55 PM
Yes that is what it was created for you can do that.
Answered on Aug 18th, 2015 at 4:01 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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You need to contact a bankruptcy attorney to explain how it works. The exemptions protect equity in a vehicle, and other items. They don't eliminate a purchase contract.
Answered on Aug 18th, 2015 at 3:02 PM