The bankruptcy wild card exemption is usually claimed on property that the debtor claims has a unique and personal value
The “wildcard” exemption allows the debtor to keep certain property if the debtor can prove to the court that it possesses a unique personal value to the debtor. A typical example of this type of property is the family heirloom. Perhaps the heirloom has been in the debtor’s family for generations.
The law recognizes that certain types of property have an emotional value, and for the debtor, is priceless. However, the term priceless might be an overstatement since the wildcard exemption to the cash value of $1,475 plus up to $13,950 of any portion of the federal homestead exemption that remains unused.
Example:
Should your fathers’ gold-plated timepiece have been in the family since the civil war and it exceeds the wildcards cash value limitation, the bankruptcy trustee may not let you keep it.
