Bankruptcy Wizard
bianci,
When you do not claim a homestead, you get the "unused homestead" exemption to use as a wildcard (up to $10,850). Remember, the $1,150 is a wildcard, but the $11,500 is the homestead exemption. So, if you do not use the homestead exemption, that $11,500 becomes part of the wildcard (less the $1,150 you already have for the wildcard). To put it in simple terms, not claiming a homestead exemption gives you a wildcard of $11,500 per debtor.
When you do not claim a homestead, you get the "unused homestead" exemption to use as a wildcard (up to $10,850). Remember, the $1,150 is a wildcard, but the $11,500 is the homestead exemption. So, if you do not use the homestead exemption, that $11,500 becomes part of the wildcard (less the $1,150 you already have for the wildcard). To put it in simple terms, not claiming a homestead exemption gives you a wildcard of $11,500 per debtor.
