• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

wild card exemption

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

suzguy

Junior Member
What is the name of your state? Arkansas
What is a wild card exemption and would that help me retain my vehicle if it is my only asset? According to the Kelley Blue Book my vehicle was valued at approximately $6000. It is paid for completely. I have filed for disability and going through Chemo treatments and have no source of real income. Also, should I be filing for a 13 instead of a 7 and try to get a hardship? My attorney told me to file 7 but I am not sure that is the best route to go.
 


C

CAB in CA

Member
In reviewing the exemptions for Arkansas, it appears that you can either use the Arkansas exemptions or Federal exemptions.

A wild card exemption is something that is listed in the exemptions as wild card or something that is assigned a value that can be exempted up to the stated value and if your value does not come up to that stated value and the exemption says that the balance or a certain dollar figure of that exemption is available to use to exempt other property.

The way I am reading the Federal exemptions it looks to me like you can 522(d)(2) exempt a motor vehicle up to $2,400., 522(d)(5) $800. of any property and 522(d)(1) unused portion of homestead up to $7500. may be used for other property.

It appears to me if your only asset is the automobile that the Federal exemptions give you more available dollars to exempt your automobile.

You mentioned a lawyer, how did he list your exemptions on your schedule? I know my lawyer totally screwed mine up. I am waiting to see if I am going to have any repercussions as I have already had my 341.

I am new at this and I am sure if I have answered you incorrectly that one of our more experienced members will correct me.

CAB in CA
 
L

Ladynred

Senior Member
If the only income you have is disability, you do NOT want to be stuck in a rotten Ch 13 and its doubtful you'd have the income to support a Ch 13 plan anyway. Ch 7 will get rid of your debts for good.

The unused portion of the homestead, plus wildcard, can be used to exempt ANY property - so yes, you can probably protect your car.
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
Top