Federal Wild Card Bankrutpcy Exemption

The wildcard exemption is currently $1,225 plus any unused portion of the federal homestead exemption up to $12,250. If you are married and filing a joint bankruptcy then these amounts are doubled. Consequently, for a single filer who does not have home equity, the wildcard exemption is $12,725.  Some states allow you to use the federal bankruptcy exemptions instead of your state exemptions.

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