Bankruptcy Wild Card Exemption
Bankruptcy Exemptions?
I was told by my attorney that if the bankruptcy trustee took my house because the title was not perfected, then I would be allowed some exemptions and in essence, get some money back both under the homestead exemption and the two wild card exemptions. Is this true?
Exemptions and wild card amounts are state-specific bankruptcy rules, so the answer to your question depends on where you live.
Some states have relatively generous exemptions and you could keep over $100K in value. Other states have stingy exemptions and it could be less than $10K.
I presume your attorney knows the rules in your state if he’s a bankruptcy practitioner. If he’s not a bankruptcy specialist, its definitely worth getting one because you’ll want to max out your exemptions.
#4 of 8, Statement of Intention & Missouri Exemptions
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