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  1. #1
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    Jun 2013
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    Default Can You Keep Extra Money Under the Wildcard Exemption When Filing Bankruptcy

    My question involves bankruptcy in the state of: CA

    I want to start a business but I’m kind of paranoid and scared of the idea that I might get sued for more than I’m worth. So, for the sake of peace of mind, I would like to verify my interpretation of the wildcard exemption. Under the wildcard exemption, any combination of assets of my choice (checking account, car) would be protected up to $26K?


    Also, is there ever a case where you could not be left with less than the wildcard amount (~$26K) to live off?

    Thanks

  2. #2
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    Default Re: Can You Keep Extra Money Under the Wildcard Exemption When Filing Bankruptcy

    The wildcard exemption can be combined with other exemptions.

    Your assets don't increase as a result of bankruptcy. If you have less than $26K in assets going into a Chapter 7 bankruptcy, you're apt to also emerge from bankruptcy with less than $26K in assets.

  3. #3
    Join Date
    Jun 2013
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    Default Re: Can You Keep Extra Money Under the Wildcard Exemption When Filing Bankruptcy

    Are you referring to the lawyer fees + filing fees?

    Assuming those fees add up to $2K, then if i have $26K going in, then I should be able to keep about $24K, right?

    If there are more losses, please let me know about them!

  4. #4
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    Default Re: Can You Keep Extra Money Under the Wildcard Exemption When Filing Bankruptcy

    Nobody said a word about lawyer fees.

    If you have a lawyer, discuss your case with your lawyer.

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