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Do stocks fall under the following "wildcard" exemption: $9,350 of any real estate or tangible personal property? Thank you.

Chicago, IL |

Whether I keep or sell the stock, will it be exempt from Chapter 7 Bankruptcy under the wildcard listed above?

Attorney Answers 5

Posted

Any and all property can qualify for the federal wildcard exemption.

Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.

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Marc Gregory Wagman

Marc Gregory Wagman

Posted

Illinois does not allow for the use of the Federal exemptions

Posted

Under the federal exemption, any property can be wildcard. If this is a state wildcard provision, we will need an Illinois colleague to chime in.

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Posted

If you don't know what a wildcard is, you shouldn't be gambling in Vegas or in Bankruptcy court without an attorney to represent you! Frankly, it is the questions you don't know to ask that will trip you up in bankruptcy. All the research you may do to prepare are not equal to the years of training and experience an actual bankruptcy attorney can provide. This is not a time to cut corners!

Hope this perspective helps!

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Posted

If you are in Illinois then you can protect $4000 if you are single with the wildcard and $8000 if you are married. The wildcard exemption can be used on anything but real estate. However, if you have $9350 in stock then you likely have other un-exempt property. You further should have an attorney advising you and not try this on your own. Spending or selling stock can be done but it all depends what you do with the money. You need an attorney, I cannot say this enough. Illinois does not allow for the election of federal exemptions.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions.

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Marc Gregory Wagman

Marc Gregory Wagman

Posted

Sale of stock is a "transfer of property and should be listed in the SOFA" A trustee may inquire into anything such as sale of property etc. You again need an attorney! HIRE ONE AND DON"T TRY THIS ON YOUR OWN!

Posted

Yes. Wildcard exemptions can be used to cover most property other than real estate, and motor vehicles. There are other specifics about these general exemptions, but you should probably speak with an attorney to discuss.

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