I am filing BK and while in theory, my house has $200,000 equity, it may not sell for that.
What is the "physical" process I use to claim the wildcard exemption in my BK? Is there a form? Who do I tell/ask?
Unfortunately you cannot take the benefits of both CCP 703 and CCP 704. If you chose the 704 you will be provided a larger Homestead protection ( around $75,000 to $175,000 depending on age, marital status, disability) and NO Wild card.
In the other hand, if you choose 703 and you will have only a very limited homestead (around $22,000.00) but you will be able to claim the Wild card (now spillover) for an amount of around $22,000.
So it is your pick, but you cannot get both.
If you have that much in equity do NOT use the wildcats exemption. You must use the homestead exemption. I would also consider a chapter 13 bankruptcy.
I strongly urge you to seek the advise of a bankruptcy attorney.
Jonathan Leventhal, esq.
Leventhal Law Group, P.C.
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
This email and any attachments thereto may contain private, confidential, and privileged material for the sole use of the intended recipient. Any review, copying, or distribution of this email (or any attachments thereto) by others is strictly prohibited. If you are not the intended recipient, please contact the sender immediately and permanently delete the original and any copies of this email and any attachments thereto.
Leventhal Law Group, P.C. is a Debt Relief Agency under federal law.
Note: The Leventhal Law Group, P.C. does not reprenet you until a written fee agreement has been signed by you and a representative of the Leventhal Law Group, P.C. and all fees listed in the agreement have been paid.
Hi. When someone files bankruptcy one of the schedules that must be completed is Schedule C, which is your exemption schedule where you exempt out the property or assets that you want and can keep. In your situation, I would highly suggest you sit down and talk to an experienced bankruptcy attorney, because depending on what other assets you have, the wildcard exemption potentially is not your best option. There is a separate exemption section (C.C.P. 704) which allows you to protect a larger amount of equity in your home than the wildcard exemption you are entitled to under C.C.P 703. To be certain of the amount of equity in your property you may want to get an unbiased appraisal (i.e. one where you don’t seek a particular value). If there truly is more equity in your home than can be protected by the “wildcard ” exemption, again I would suggest talking to a qualified bankruptcy attorney who can give you options and advice based on your specific circumstances. Given what is at stake, personally I would not recommend filing bankruptcy on your own (without hiring an attorney).
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline