QUESTION
Since I am a renter, am I correct that I cannot claim the wildcard exemption so would be limited to an approximately $5,000 total on the cars?
Asked on Nov 05th, 2016 on Bankruptcy - Wisconsin
More details to this question:
I rent a home and have my three adult children (18 or over) living with my wife and I. Each of them own a car that is in my name for insurance purposes. The total value of their cars is probably $ 10,000-15,000, and my wife and I each have cars worth approximately $4500/each (no liens on any of the cars).
6 ANSWERS
Colorado has no "wild card" exemption. Anyway, meet with a lawyer face to face. Your problem is an easy issue to address.
Answered on Dec 13th, 2016 at 5:25 AM
No, the fact that you rent makes the wildcard the option to use. You can exempt a wildcard amount of about $25,000 of anything, but there are also other exemptions you can use. You should consult a bankruptcy attorney. The cost is probably far less than you'd expect and the stress relief and elimination of risk in the proceeding is well worth it.
Answered on Dec 10th, 2016 at 6:44 AM
1 Award
No, you are not correct. You have it backwards. Since you are not using a homestead exemption, you get the full wildcard as well as two vehicle exemptions. If your values are correct and you don't have other assets you need to use the wildcard on, then your will be able to protect all of the cars.
Answered on Dec 10th, 2016 at 6:43 AM
If you are eligible for the federal exemptions, you can use one-half of the homestead exemption as a wildcard for any asset. So if you are filing jointly with your wife, you could probably exempt all the vehicles. With so many assets at stake, however, you really should get legal counsel to protect yourself.
Answered on Dec 10th, 2016 at 6:43 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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I think you are not correct. If you live in Wisconsin (or any other state which permits a debtor To choose between the State and Federal exemptions, you are entitled to claim the federal List, and therefore to use the wild card.
Answered on Dec 10th, 2016 at 6:42 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can claim the wildcard exemption but in Ohio that's small. If you hold only the title to your children's vehicles they will not be subject to your bankruptcy. That means the vehicles were paid for by the children, are used by the children and are maintained by the children. The trustee may require proof that the children paid for them and use them (such as bank records and insurance policies.
Answered on Dec 10th, 2016 at 6:42 AM