What can the wildcard exemption be used for in a bankruptcy filing?

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What can the wildcard exemption be used for in a bankruptcy filing?

In IN. Can I use the $8000 wildcard exemption for an auto, and my spouse use the $8000 wild card exemption for another auto?

Asked on August 29, 2010 under Bankruptcy Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It is my understanding that the amount is greater than the $8,000 you list.  It raises every year.  But this type of exemption can be used by the debtor for real or "tangible" personal property that is not covered or really protected by the amount listed in the bankruptcy code.  You can use the wild card amount by splitting the exemption between items or stacking the exemption over another exemption amount that falls short of protecting your asset or assets.  The amount allowed for filing jointly is generally more and usable in the same way.  Speak with your bankruptcy attorney or the trustee. You are lucky to have this extra coverage. Good luck.


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