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JP, Attorney
Category: Bankruptcy Law
Satisfied Customers: 109
Experience:  Represented creditors and individuals in bankruptcy and consumer matters.
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I am in California. I understand that some states have a Wildcard

Resolved Question:

I am in California. I understand that some states have a "Wildcard" exemption of $1250 that CANNOT be taken from their bank account if their account is levied by a PRIVATE debt collector because this would cause undue harm and money is needed to live. But I can't find the specific code here anywhere I have looked. The money is not government assistance or anything, just wages I put into my bank account. Does CA have a wildcard allowance letting me keep at least $1200 of my own money in my bank account safe from legal, private, debt collectors?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  JP replied 8 years ago.

I think what you are referring to is the federal "wild card" exemption that is an option for bankrupt debtors who have commenced a bankruptcy case filing. This federal wild card exemption is available throughout the US, if the debtor elects to use the federal exemptions to protect their personal assets rather than those exemptions offered by their respective State of residence.


The federal wild card exemption can be found at 11 U.S.C. Sec. 522(d)(5).


California also has a wild card exemption that can be used by bankrupt debtors who may choose to elect to use California State exemptions to protect their assets in a bankruptcy case filing. This can be found in the Code of Civil Procedure Section 703.140


I hope you founf this information helpful.

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