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PrintThe Wild Card Exemption
Of the exemption choices available to you when formulating an overall asset exemption plan, the wild card exemption can be used to protect various types of personal property. Usually, many states offer the wild card exemption in a small, specific dollar amount, averaging around $1,000. Some states also allow some or all of an unused homestead exemption to be used as a wild card. The federal bankruptcy code adopts both of these approaches.
The state of Texas provides the most generous wild card exemption: $60,000 for heads of household ($30,000 for others) that can be applied, at the debtor's discretion, to various types of personal property, including exempting an ownership interest in a business (see the exemptions list for specific state wild card exemptions).
