Wildcard Exemption

September 1, 2016

As discussed in a prior article, think of an exemption as a credit you can use to buy back your property. If you have a loan or lien on a piece of property, then you only need to use your credits to buy back you ‘equity’ in the property (Equity = Value – Loan Amount). Most exemptions can only be used to protect a certain category of property. A “Wildcard” exemption, however, can protect ANY asset. So the question becomes, how much does one receive of Wildcard exemption?

At a minimum, you will receive $1,250.00 in Wildcard.  Additionally, you will receive whatever federal homestead exemption you have left over, capped at $11,850.00. This means, if you have a home with little to no equity in it, you can potentially receive $13,100.00 in D5 Wildcard exemptions to apply towards protecting your assets.

If you have any further questions on D5 Wildcard exemptions, or any other bankruptcy matter, please do not hesitate to contact me at (616) 920-0555 or