Wildcard Exemption

Yahoo Bot · Mon Oct 11, 2010 12:29 pm

charset="UTF-8"
Sofya, you understand this correctly. If you need more than $23,250 in
homestead exemption, you need to choose 704.710, and get $100,000 in
homestead exemption, but lose the wildcard.
In answer to your question: after claiming $22,075 against the homestead by
703.140(b)(1), the wildcard exemption protects only $1,175 of any property.
Its your choice whether it attaches to the rest of the homestead, or the
vacant lot.
But practicality may help you protect property here. If the trustee woncollect more than $5,000 from the sale of the homestead, he is unlikely to
sell it and may well abandon it. How do you determine there is $30,000 in
equity in the homestead? Have you accounted for costs of sale? Is the
brokers price opinion solid?
- John D. Faucher
On 10/11/10 11:20 AM, "sofiya davtyan" wrote:
>
>
>
>
>
> If I understand this correctly, then the use of the wildcard exemption to
> protect unexempt equity of Debtor's residence is limited to $1,175??? PC
> has $30K in equity in his primary residence and a vacant lot worth $7K. My
> question is: after PC claims 703.140(b)(1), can he use wildcard to protect the
> remaining $7,925 equity AND the vacant lot worth $7,000? Thank you!
>
> Sofya Davtyan
> Attorney at Law
>
>
> To: cdcbaa@yahoogroups.com
> Sent: Mon, October 11, 2010 8:02:17 AM
> Subject: Re: [cdcbaa] Wildcard Exemption
>
>
> David is, of course, correct; but I think he didnt read through the entire
> question.
> If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with
> only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption
> can go higher, but only at the expense of the homestead exemption.
> If you exempt the homestead, you can only exempt another $1,175 in property.
> That property can be anything.
> - John D. Faucher
>
>
> On 10/11/10 7:50 AM, "David Tilem" wrote:
>
>>
>>
>>
>>
>>
>> Wild card is "wild". It can be used to protect ANYTHING.
>>
>>
>> David A. Tilem
>> Certified Bankruptcy Specialist*
>> Law Offices of David A. Tilem (a debt relief agency)
>> 206 N. Jackson Street, #201, Glendale, CA 91206
>> Tel: 818-507-6000 Fax: 818-507-6800
>>
>> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
>> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>>
>>
>> -----Original Message-----
f
>> sofiya
>> Sent: Monday, October 11, 2010 12:17 AM
>> To: cdcbaa@yahoogroups.com
>> Subject: [cdcbaa] Wildcard Exemption
>>
>>
>> Hello Everyone:
>>
>> PC has a property with a $30K in equity, $22,075 of which I can protect with
>> the homestead exemption. PC also has a vacant lot worth $7K. Question: can
>> the wildcard exemption be used to protect both the vacant lot worth $7K and
>> the remaining $7,925 of the unexempt equity in the house?
>>
>> Sofya Davtyan
>> Attorney at Law
>>
>>
>>
>>
>>
>
>>>> - John D. Faucher
>
>
>
>
>
>
>
>
>
>
>
>>>> - John D. Faucher
>
>
>
>
charset="UTF-8"
Re: [cdcbaa] Wildcard Exemption
Sofya, you understand this correctly. If you need more than $23,250 in homestead exemption, you need to choose 704.710, and get $100,000 in homestead exemption, but lose the wildcard.
In answer to your question: after claiming $22,075 against the homestead by 703.140(b)(1), the wildcard exemption protects only $1,175 of any property. It’s your choice whether it attaches to the rest of the homestead, or the vacant lot.
But practicality may help you protect property here. If the trustee won’t collect more than $5,000 from the sale of the homestead, he is unlikely to sell it and may well abandon it. How do you determine there is $30,000 in equity in the homestead? Have you accounted for costs of sale? Is the broker’s price opinion solid?
- John D. Faucher
On 10/11/10 11:20 AM, "sofiya davtyan" <s_dav2005@yahoo.com> wrote:

If I understand this correctly, then the use of the wildcard exemption to protect unexempt equity of Debtor's residence is limited to $1,175??? PC has $30K in equity in his primary residence and a vacant lot worth $7K. My question is: after PC claims 703.140(b)(1), can he use wildcard to protect the remaining $7,925 equity AND the vacant lot worth $7,000? Thank you!

Sofya Davtyan
Attorney at Law
From: John Faucher <j.d.faucher@sbcglobal.net>
To: cdcbaa@yahoogroups.com
Sent: Mon, October 11, 2010 8:02:17 AM
Subject: Re: [cdcbaa] Wildcard Exemption

David is, of course, correct; but I think he didn’t read through the entire question.
If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption can go higher, but only at the expense of the homestead exemption.
If you exempt the homestead, you can only exempt another $1,175 in property. That property can be anything.
- John D. Faucher
On 10/11/10 7:50 AM, "David Tilem" <davidtilem@tilemlaw.com> wrote:

Wild card is "wild". It can be used to protect ANYTHING.

David A. Tilem
Certified Bankruptcy Specialist*†
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson
The post was migrated from Yahoo.

Yahoo Bot · Mon Oct 11, 2010 12:20 pm

charsetndows-1252
putting it differently, you have a total of about 22K, between 703.140(b)(1) and (b)(5) that you can apply as a wildcard, but that includes the amount of any homesteaded equity.
It sounds like you have $37K of property and only 22K of wildcard.
So the answer to your question is "no".
Jason
On Oct 11, 2010, at 11:20 AM, sofiya davtyan wrote:
>
> If I understand this correctly, then the use of the wildcard exemption to protect unexempt equity of Debtor's residence is limited to $1,175??? PC has $30K in equity in his primary residence and a vacant lot worth $7K. My question is: after PC claims 703.140(b)(1), can he use wildcard to protect the remaining $7,925 equity AND the vacant lot worth $7,000? Thank you!
>
> Sofya Davtyan
> Attorney at Law
>
> To: cdcbaa@yahoogroups.com
> Sent: Mon, October 11, 2010 8:02:17 AM
> Subject: Re: [cdcbaa] Wildcard Exemption
>
>
> David is, of course, correct; but I think he didnt read through the entire question.
> If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption can go higher, but only at the expense of the homestead exemption.> If you exempt the homestead, you can only exempt another $1,175 in property. That property can be anything.
> - John D. Faucher
>
>
> On 10/11/10 7:50 AM, "David Tilem" wrote:
>
>
>
>
>
>
>
> Wild card is "wild". It can be used to protect ANYTHING.
>
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
sofiya
> Sent: Monday, October 11, 2010 12:17 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Wildcard Exemption
>
>
> Hello Everyone:
>
> PC has a property with a $30K in equity, $22,075 of which I can protect with the homestead exemption. PC also has a vacant lot worth $7K. Question: can the wildcard exemption be used to protect both the vacant lot worth $7K and the remaining $7,925 of the unexempt equity in the house?
>
> Sofya Davtyan
> Attorney at Law
>
>
>
>
>
>
> - John D. Faucher
>
>
>
>
>
>
>
charsetndows-1252
putting it differently, you have a total of about 22K, between 703.140(b)(1) and (b)(5) that you can apply as a wildcard, but that includes the amount of any homesteaded equity.It sounds like you have $37K of property and only 22K of wildcard.So the answer to your question is "no". JasonOn Oct 11, 2010, at 11:20 AM, sofiya davtyan wrote:
The post was migrated from Yahoo.

Yahoo Bot · Mon Oct 11, 2010 11:20 am

If I understand this correctly, then the use of the wildcard exemption to
protect unexempt equity of Debtor's residence islimited to $1,175???$30K in equity in his primary residence and a vacant lot worth $7K. My question
is: after PC claims 703.140(b)(1), can he use wildcard to protect the remaining
$7,925 equity AND the vacant lot worth $7,000? Thank you!
Sofya Davtyan
Attorney at Law
________________________________
To: cdcbaa@yahoogroups.com
Sent: Mon, October 11, 2010 8:02:17 AM
Subject: Re: [cdcbaa] Wildcard Exemption
David is, of course, correct; but I think he didnt read through the entire
question.
If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with
only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption
can go higher, but only at the expense of the homestead exemption.
If you exempt the homestead, you can only exempt another $1,175 in property.
That property can be anything.
- John D. Faucher
On 10/11/10 7:50 AM, "David Tilem" wrote:
>
>
>
>
>Wild card is "wild". It can be used to protect ANYTHING.
>
>
>David A. Tilem
>Certified Bankruptcy Specialist*
>Law Offices of David A. Tilem (a debt relief agency)
>206 N. Jackson Street, #201, Glendale, CA 91206
>Tel: 818-507-6000 Fax: 818-507-6800
>
>* Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
>Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>-----Original Message-----
sofiya
>Sent: Monday, October 11, 2010 12:17 AM
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] Wildcard Exemption
>
>
>Hello Everyone:
>
>PC has a property with a $30K in equity, $22,075 of which I can protect with the
>homestead exemption. PC also has a vacant lot worth $7K. Question: can the>wildcard exemption be used to protect both the vacant lot worth $7K and the
>remaining $7,925 of the unexempt equity in the house?
>
>
>Sofya Davtyan
>Attorney at Law
>
>
>
>
>
>
- John D. Faucher
>>>
If I understand this correctly, then the use of the wildcard exemption to protect unexempt equity of Debtor's residence is limited to $1,175??? PC has $30K in equity in his primary residence and a vacant lot worth $7K. My question is: after PC claims 703.140(b)(1), can he use wildcard to protect the remaining $7,925 equity AND the vacant lot worth $7,000? Thank you!

Sofya Davtyan
Attorney at Law
From: John Faucher <j.d.faucher@sbcglobal.net>To: cdcbaa@yahoogroups.comSent: Mon, October 11, 2010 8:02:17 AMSubject: Re: [cdcbaa] Wildcard Exemption
David is, of course, correct; but I think he didnt read through the entire question. If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption can go higher, but only at the expense of the homestead exemption. If you exempt the homestead, you can only exempt another $1,175 in property. That property can be anything. - John D. Faucher On 10/11/10 7:50 AM, "David Tilem" <davidtilem@tilemlaw.com> wrote:
Wild card is "wild". It can be used to protect ANYTHING. David A. Tilem
The post was migrated from Yahoo.

Yahoo Bot · Mon Oct 11, 2010 8:02 am

charset="UTF-8"
David is, of course, correct; but I think he didnt read through the entire
question.
If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left
with only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard
exemption can go higher, but only at the expense of the homestead exemption.
If you exempt the homestead, you can only exempt another $1,175 in property.
That property can be anything.
- John D. Faucher
On 10/11/10 7:50 AM, "David Tilem" wrote:
>
>
>
>
>
> Wild card is "wild". It can be used to protect ANYTHING.
>
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
> sofiya
> Sent: Monday, October 11, 2010 12:17 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Wildcard Exemption
>
>
> Hello Everyone:
>
> PC has a property with a $30K in equity, $22,075 of which I can protect with
> the homestead exemption. PC also has a vacant lot worth $7K. Question: can the
> wildcard exemption be used to protect both the vacant lot worth $7K and the
> remaining $7,925 of the unexempt equity in the house?
>
> Sofya Davtyan
> Attorney at Law
>
>
>
>
>
>>> - John D. Faucher
charset="UTF-8"
Re: [cdcbaa] Wildcard Exemption
David is, of course, correct; but I think he didn’t read through the entire question.
If you use $22,075 of the 703.140(b)(1) homestead exemption, you are left with only $1,175 in wildcard exemption under 703.140(b)(5). The wildcard exemption can go higher, but only at the expense of the homestead exemption.
If you exempt the homestead, you can only exempt another $1,175 in property. That property can be anything.
- John D. Faucher
On 10/11/10 7:50 AM, "David Tilem" <davidtilem@tilemlaw.com> wrote:

Wild card is "wild". It can be used to protect ANYTHING.

David A. Tilem
Certified Bankruptcy Specialist*†
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson
The post was migrated from Yahoo.

Yahoo Bot · Mon Oct 11, 2010 7:50 am

Wild card is "wild". It can be used to protect ANYTHING.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
sofiya
Sent: Monday, October 11, 2010 12:17 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Wildcard Exemption
Hello Everyone:
PC has a property with a $30K in equity, $22,075 of which I can protect with
the homestead exemption. PC also has a vacant lot worth $7K. Question: can
the wildcard exemption be used to protect both the vacant lot worth $7K and
the remaining $7,925 of the unexempt equity in the house?
Sofya Davtyan
Attorney at Law
Message
Wild card is "wild".
It can be used to protect ANYTHING.

David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.

Yahoo Bot · Mon Oct 11, 2010 12:17 am

Hello Everyone:
PC has a property with a $30K in equity, $22,075 of which I can protect with the homestead exemption. PC also has a vacant lot worth $7K. Question: can the wildcard exemption be used to protect both the vacant lot worth $7K and the remaining $7,925 of the unexempt equity in the house?
Sofya Davtyan
Attorney at Law

The post was migrated from Yahoo.