What Are Bankruptcy Exemptions?
Bankruptcy exemptions are laws that protect your property in bankruptcy. Filing for bankruptcy doesn’t mean you have to give up your car. You can combine the wild card exemption and the motor vehicle exemption to protect almost $20,000 of equity in your vehicle.
The Wild Card Exemption
The most important exemption is the “wild card,” as it can be applied to any property. You can use the wild card exemption ($15,425) to protect your car.
The Motor Vehicle Exemption
You can also use the motor vehicle exemption ($4,450) to protect your car. By simply stacking these two exemptions together, you can protect almost $20,000 of equity in your car when you file bankruptcy.
The Bottom Line
Your car is protected. 99% of clients erase their debt and keep their car. It’s free to chat with me about your options – you can call or text me at 215.551.7109.
