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Using the Wild Card Exemption Wisely in Bankruptcy

As you go through the process of your Louisville bankruptcy you are going to find that there are certain assets and property that you own that will be exempt from your bankruptcy proceedings. One of the exemptions that you may be allowed to use is the wildcard exemption. This is not applicable in all states, but many states do have this type of exemption as well as there is a federal bankruptcy wild card exemption that you may be able to take advantage of.

In some cases you may be restricted as to what assets you can apply the wildcard to while other states will allow you to use it for any type of property. If you are allowed to use the federal bankruptcy exemptions then you may want to make use of the wildcard exemption under the federal rules. In this case you will be allowed to use up to $1225 +11,500 if you have this in your unused homestead amount. What you can do then is to take this amount and use it towards other property that you own in order to exempt it. You want to use your wildcard exemption against property that is not listed in any of the other exemptions. You want to think carefully where you can best use this money against an asset that you really want to be able to keep. Use it against one that is not going to be protected from any of the other exemptions.

There are many different rules when it comes to the exemptions and this is an important part of your bankruptcy that you really want to pay close attention to. Your professional advisor will be able to go over the list with you and compare this with the assets and property you own and be able to give you some information as to how these exemptions will affect you in regards to your particular bankruptcy.

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