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LSDefine

Simple English definitions for legal terms

wildcard exemption

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A quick definition of wildcard exemption:

Wildcard exemption: A special rule that helps protect some of a person's things (like a special toy or family heirloom) from being taken away by people they owe money to. This rule can be used along with other rules that protect specific things like a house or car. The amount of protection varies depending on where a person lives, but it's usually between $400 and $30,000.

A more thorough explanation:

Definition: Wildcard exemption is a legal provision that protects some of the debtor’s personal assets from creditors during bankruptcy. It is one of the few exemptions allowed by the Federal government and state governments.

The wildcard exemption can be applied to any of a person’s assets, such as a sentimental heirloom, and is often used in combination with other exemptions.

For example, if a person owns a car worth more than the motor vehicle exemption, they can use the wildcard exemption to protect the additional value of the car.

In Federal bankruptcy, the wildcard exemption is $1,250 plus any unused homestead exemptions up to $11,850. However, the amount of the wildcard exemption can vary from state to state. For instance, in Maine, it is $400, while in California, it can be over $30,000.

Example: John is filing for bankruptcy and has a collection of rare coins worth $2,000. He can use the wildcard exemption to protect the entire value of his coin collection, as it is not covered by any other exemption.

Explanation: This example illustrates how the wildcard exemption can be used to protect assets that are not covered by any other exemption. In this case, John's rare coin collection is not covered by any specific exemption, so he can use the wildcard exemption to protect its entire value.

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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