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State Of WI Bankruptcy Exemptions

According to most recent data, the following are common exemptions provided through the State of Wisconsin Bankruptcy system. (Points below represent filing individual vs married couple.) (2019):

• Primary Homestead/Home Equity Exemptions $75,000 / $150,000
• Auto/Vehicle Exemptions $4,000 / $8,000 for each vehicle + the unused portion of $12,000/$24,000  personal property exemption
• Cash & Bank Account Exemptions $5,000 / NA
• Personal/Tangible Property $12,000 / $24,000
• Equipment & Tools Needed To Work $15,000 / NA

Note that the dollar amounts for each state exemption may change; restrictions or qualifications may apply, and there are other details to consider. If keeping things you have worked hard for is important, then hire an experienced Wisconsin bankruptcy attorney to represent you. Debt Advisors Law Offices is experienced in both federal and state bankruptcy exemptions.

Bankruptcy Exemptions Wisconsin VS Federal

The goal is to identify the pathway that allows each client to get out of debt while holding on to their most important assets. A determination must be made to file bankruptcy using either federal or state laws. (Choice regarding how to file will determine which set of exemptions may be utilized.)  It may appear that there are fewer WI state exemptions with higher limits than federal exemptions and lower limits. When comparing the two; the biggest advantage of filing state bankruptcy has to do with the available “homestead exemption.”  On the other hand, filing bankruptcy under the federal code allows tax refunds to qualify as exemptions. If bankruptcy is filed through the state of Wisconsin, for example, then the laws of the state must be adhered to moving forward. Overall, the bankruptcy process is far too complex to make decisions based on a quick comparison. Don’t worry! After all of your preliminary paperwork and fees have been received, your attorney can discuss options and exemptions in fine detail. It’s important that each client feels very comfortable with the recommendations. Debt Advisors will help get things moving quickly so that you worry less.

Double Bankruptcy Exemptions

Regarding bankruptcy filings and bankruptcy exemptions, there are opportunities to double what you can keep if filing as a married couple. The state of Wisconsin does not recognize common law marriage. Wisconsin bankruptcy does, however, recognize legal marriage. This means that if you are legally married, and have supporting documents to prove this, many state exemptions can be doubled if filing bankruptcy jointly. This is because both parties hold an ownership interest in each asset. For example, if you’re filing joint bankruptcy as a married couple, both names are on the home title, and the equity value is under $150,000, then the State of WI Homestead exemption is likely to apply. Two cars can also be exempt, as long as their owned by both parties and the combined value is no more than $8,000.+ the unused portion of $24,000 combined personal property if applicable. The best part about doubling Wi exemptions filing jointly is that there are only one set of costs. In other words, when declaring bankruptcy as a married couple you are eligible to receive more exemptions while paying the same amount for filing as an individual would pay.

Property Assets & Belongings

Bankruptcy exemptions are personal belongings, property assets and investments which could be deemed “exempt” or “protected” during and after filing bankruptcy. Things of value that you own now, or even items that you expect to own a period of time after filing, are considered assets in bankruptcy. Most people express concern over keeping their home and car. However, assets are more than real estate and auto; they also include land, cash, household items, watercraft, jewelry, machinery and other investments such as retirement. All states have their own state laws regarding bankruptcy exemptions and associated dollar amounts allowed. Bankruptcy exemptions in Wisconsin are more generous than many other states.

Learn More About Wisconsin Exemptions
We understand that getting out of serious debt is a priority; but so are the items you’d like to keep. If you’re a resident of the state, then bankruptcy exemptions in Wisconsin should be thoroughly evaluated. This will help determine which pathway may be most effective to both eliminate debt and hold on to the assets most important to you. You may be required to meet predetermined qualifications to qualify for state exemptions. Also, you may qualify for even more exemptions than what are outlined on this website or other places online.

Other Possible Exemptions Offered By Wisconsin (restrictions or qualifications may apply):

• Alimony and child support payments
• Veterans Benefits
• Unemployment Compensation
• Workers Compensation
• Personal Injury Lawsuit Awards
• Life Insurance Benefits
• Federal Disability or Death Benefits

Focused On Keeping Your Assets

A good bankruptcy lawyer adheres to bankruptcy laws while maximizing bankruptcy exemptions for their client. (Or clients, if filing as a married couple.) At Debt Advisors, we thoroughly evaluate options before making any recommendation.  We represent you, the client, through the entire process. Here’s what happens shortly after your bankruptcy is submitted to the courts: A bankruptcy trustee is appointed to your case. The trustee works on behalf of the courts and creditors to leverage collateral and any personal assets that may be available. We work with the trustees while maintaining our focus on your pre-established needs. Other questions that you may have regarding keeping your assets can be answered by your Debt Advisors attorney. Check out our Google reviews! We have many Wisconsin bankruptcy success stories to share.

Bankruptcy Exemptions Consult

Itemizing every asset into the appropriate category and bankruptcy schedule is tedious work that a bankruptcy attorney is very experienced and familiar with. Take full advantage of exempt assets and the laws that protect consumers just like you. Request a “no-strings attached” free bankruptcy exemptions consult. During this brief discussion, a Debt Advisors will hear your story, and share more details about exempt vs non-exempt assets that the state of Wisconsin offers. Start right here, right now, by filling out the form on this page.

Reviews by Google Users

  • review rating 5  Debt Advisors Law Offices rock! I went into bankruptcy not knowing what to expect but Mr. Pietrek who represented me put my mind at ease. Mr. Pietrek answered all of my question in-person and on the phone. I never felt uncomfortable or embarrassed. The amount of money I had to pay was like half the amount I would have had to pay going through ay other firm. If for some reason I had to go through bankruptcy again there would be no one else I would use. Good people good prices great services.

    thumb CJ M
  • review rating 5  I am so grateful for the Debit Advisors in assisting me to get my life back on track. I have great respect for them. Debit Advisors has integrity! I was in a very difficult situation and they guided me through. They were honest with me about what I could and could not do, what is allowable and not allowable, they got bill collectors off my back and they replied back to me in a timely manner when I had questions. As long as I did my part in the process, they more than did their part.

    thumb Kathy Carter
  • review rating 5  Awesome experience! Helpful all the way through the process. Saved our lives.! Chad was great and everyone was so helpful.

    thumb michael sabel
  • review rating 5  Chad makes bankruptcy look and feel easy. He was very transparent, to the point, and comforting throughout the process. Any questions via email or call, were responded to in a beyond timely fashion. I would highly recommend working with Debt Advisors to get your fresh start.

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  • review rating 5  The team at debt advisors are best. They help me with all my financial issues. Everything it took for me to get through my situation they were there from beginning to the end. I would recommend them to anyone that's in a financial situation. Give them a call

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  • review rating 5  The team at debt advisors are best. They help me with all my financial issues. Everything it took for me to get through my situation they were there from beginning to the end. I would recommend them to anyone that's in a financial situation. Give them a call

    thumb Demetrick Fleming
  • review rating 5  I have used Chad and Jeremy for the past several years and both attorneys has been hands on with helping me resolve and realign many of my financial issue. Debt Advisors has helped my stress level of finances to settle in a more comfortable place. I would highly recommend Debt Advisors to anyone that may have made bad financial choose or found themselves in a place of hardship. Thanks Debt Advisors

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  • review rating 5  As a customer I was very glad with the level of service I received. I was both nervous and ashamed that I was going through the process of filing. My attorney was nonjudgmental, professional, and very knowledgeable. I had lots of questions and he patiently answered each of them helping me feel more confident in my decision making. I was unable to pay all fees up front and was happy to learn that there was a payment option where payments were deducted from my account until paid in full. Upon my final payment the process ran quickly and smoothly. I always felt like my best interest was at the forefront front the filing process, followup phone calls, reminder phones calls, the court date and discharge. I called the offices 3 years after filing and still, they were welcoming, supportive and informative even though I am not a current customer. This was the first step to me reestablishing myself as a conscious borrower and consumer.

    thumb Ashley Vtine
  • review rating 5  Both Cad and Michael were fantastic!!! They were dedicated and very helpful during my entire bankruptcy. Every step was explained as well as any question that I had (even if I asked three or four times) got answered. I would recommend this team to anyone that needs to swallow their pride and file bankruptcy.

    thumb Andrew Ossowski
  • review rating 5  Both Cad and Michael were fantastic!!! They were dedicated and very helpful during my entire bankruptcy. Every step was explained as well as any question that I had (even if I asked three or four times) got answered. I would recommend this team to anyone that needs to swallow their pride and file bankruptcy.

    thumb Andrew Ossowski

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