Assets Wild Card in California

[imbarbara6]

What does this mean exactly and how much is it for? We have two quads ($8000-$10,000 for both) a trailer ($2000) and a beat up 1991 Suburban ($1000). Can the wild card be used to cover more than one item as long as it doesn't exceed the amount allowed?

[JoeBankrupt33]

Yes, the wild card can be split up to cover any number of assets that don't fall under other categories.

[imbarbara6]

But since they allow, I mean have a catagory for vehicles already, can we still use the wild card for vehicles and how much is the wild card exemption for?

[albacore44]

But since they allow, I mean have a catagory for vehicles already, can we still use the wild card for vehicles and how much is the wild card exemption for?

you will have to look up the exemption amount but it is around $20K. I have 3 quads and a Weekend Warrior I plan on exempting under the Ca wild card. How did you determine that value on yours ?? It sounds really high for a quad. you should use the NADA book value.

[imbarbara6]

We have a 2006 Yamaha Grizzly and a 2006 Yamaha Kodiac. I just took a stab in the dark as to what it may be worth. Thank you for telling me about NADA book value. I didn't even know there was such a thing to reference for determining a value. Thanks a bunch!

[JoeBankrupt33]

I suspect you would use the vehicle exemption for the suburban, then use the wildcard for the other items. The total wild card amount is $18,350, and this only counts if you are not exempting equity in a home.

[imbarbara6]

If we are going to surrender our home can we still use the wild card exemption? I just read somewhere on this forum where a lady said in her state (she didn't specify where) she couldn't.

[chad9162]

If we are going to surrender our home can we still use the wild card exemption? I just read somewhere on this forum where a lady said in her state (she didn't specify where) she couldn't.

I think you misunderstood. Wildcard has nothing to do with whether you give up the house or keep it. Exemptions are exemptions. In CA, you get a huge Wildcard because the $20K can be used for personal property or equity.

I think what they were talking about is that in some districts if you are giving up the house you can't use it as a secured asset in the means test.

[Cliffman]

California BK. Filed 9/11/09, 341 meeting 10/13/09. Does the trustee trust your word? I have 2 work trucks. They are beat up pretty good and not worth KBB amount. One of the trucks has a blown up engine and does not run. Does the trustee believe me or will he/she give the truck its KBB value anyway? What means do they use to check your statements?

[2manybills]

We have a 2006 Yamaha Grizzly and a 2006 Yamaha Kodiac. I just took a stab in the dark as to what it may be worth. Thank you for telling me about NADA book value. I didn't even know there was such a thing to reference for determining a value. Thanks a bunch!

I can tell you that my DH is a motorcycle/atv mechanic and I can tell you that nothing is selling. Use craigslist type prices, low blue book. You will be surprised how little they are worth. Remember in this case, less is better!

[imbarbara6]

Well all went well and last week we received our discharge. Actually it was a lot easier than I thought it would be..
I can tell you in our case, the lawyer and trustee didn't use KBB for auto values.. instead they used NADA Guides.
Good luck to everyone out there going through the same things. You to will survive. :-)