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Using Fed Exemptions on a Ch.7. Any problems adding unused Homestead Exempt. to my Wildcard to keep my bank accts of $5k? Thx!

Las Vegas, NV |

I'm under 730 days as a resident of NV. 180-rule requires FL Laws. But I'm no longer a FL resident and therefore not allowed to use FL exemptions.. My research says that I must use Fed Exemptions. I'm ok with that.
I'm a FL property homeowner, giving up my home, which is set for foreclosure. Was my homesteaded primary residence until forced to relocate for job in June, 2013. I intend to use up to $11,500 to apply to my Wildcard exemption of $1225 [(522(d)(5)], in order to exempt checking & savings accounts totaling approx $5000. Am I allowed to do this?? Thank you one and all for your assistance!!

Federal wildcard exemption. The federal 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 these amounts are doubled). So for a single filer who does not have any home equity, the federal wildcard exemption is $13,475. With the wildcard exemption, you are not limited to any specific type of property. You can use it to save your car, money in the bank, expensive artwork, or any other asset you own. The above was excerpted from an article at titled, "The Wildcard Exemption in Bankruptcy", by Baran Bulkat, Attorney

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Attorney answers 2


You wrote, " Using Fed Exemptions on a Ch.7. Any problems adding unused Homestead Exempt. to my Wildcard to keep my bank accts of $5k?"
A: Simply put: Not permitted.



Thank you, sir. But, I've read at several other sites that I could indeed apply unused Homestead Exemption to wildcard, to exempt other assets as I see fit. Not sure which part of 522(d)(1-5) I'm not understanding???

Gary D. Bollinger

Gary D. Bollinger


We do not use the federal exemption scheme in MO, but I re-read 522(d)(1) & (5) and found language that might support the conversion approach (unused homestead to personal property). But Attorney Dilbeck of NV agreed with my answer. I suggest you research Avvo legal guides or consult a local attorney.



Thank you for your effort!


You can't use your homestead on anything but your homestead.

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