wildcard exemption

A wildcard exemption is a legal allowance in bankruptcy that gives you a set amount of property or assets you can keep, regardless of their value or type. Think of it as a fixed "protected amount" that shields some of your belongings from creditors. Unlike specific exemptions that apply only to particular items, a wildcard exemption can be used for any property up to its limit, providing flexibility. This helps ensure you retain essential possessions, like tools or savings, to start fresh after bankruptcy. The exact amount and rules vary by jurisdiction, so it's important to understand local laws.