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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.

widower | wilful killing

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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