wild card exemption

A wildcard exemption is a legal provision that allows individuals filing for bankruptcy to keep certain personal property assets, like household goods or tools, even as they sell others to pay creditors. Think of it as a safety net that protects essential belongings, ensuring you’re not left without what you need to live and work. The law assigns a specific value or set of items you can exempt, which varies by jurisdiction. This helps balance the need to repay creditors with maintaining basic personal stability during financial hardship.