Wildcard Exemption
Posted: Mon Oct 11, 2010 12:29 pm
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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:
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> 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:
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>> 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
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>>>> - John D. Faucher
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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.