Browse terms
Property you keep
Wildcard exemption
The wildcard exemption is the federal bankruptcy exemption for your interest in any property, up to a dollar limit. For cases filed on or after April 1, 2025, it covers up to $1,675 in value, plus up to $15,800 of any unused amount of the federal homestead exemption. 1
Talk to a lawyerHow it works
Exemptions are the property that the Bankruptcy Code or state law lets an individual debtor keep from unsecured creditors. Most federal exemptions protect one kind of property; the wildcard is not tied to any, so it can cover cash, a bank balance or property that no other exemption fully protects. 2 1
The federal homestead exemption protects your interest in a home that you or a dependent live in, and it is $31,575 for cases filed on or after April 1, 2025. If you rent or have little home equity, you can add part of the unused amount to the wildcard, up to $15,800 for cases filed on or after that date. 1
In a joint case, the exemption rules apply to each spouse separately, so each can claim the federal exemptions. Both spouses must use the same list. 1 3
The federal list is not available to everyone. Depending on state law, you may be able to choose between the federal list and your state's exemptions, or you may be limited to state exemptions. State wildcard amounts differ and are not covered here. 1
Common questions
Can the wildcard exemption protect money in my bank account?
It covers your interest in any property, so it can be used for cash or a bank balance, up to the dollar limit for your filing date. 1
Can I use the federal wildcard in my state?
It depends on state law. Some filers may choose between the federal list and state exemptions, and others are limited to state exemptions. A bankruptcy lawyer in your state can tell you which applies. 1
Sources
Want to know what you could keep?
A bankruptcy lawyer in your state can tell you which exemption list applies to you.
Connect to a bankruptcy lawyer