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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

  • 5 star review  They helped me during my bankruptcy case. They were great and very professional. I recommend them to anybody going through this process.

    thumb Maria Hernandez
  • 5 star review  They helped me during my bankruptcy and to feel comfortable throughout. And have been amazing in follow up even years later.

    thumb Ud Ho
  • 5 star review  My experience with Debt Advisors was truly a blessing in disguise. My wife and I were truly elated to be a part of a first time home buyer program with a well known state agency. This however turned out to be a nightmare We were one of the many who, during the Bush years ended up getting locked into a merciless ,ever increasing mortgage that was supposed to have a fixed rate. After countless attempts to try for modification or refinancing we soon found out the state agency didn't allow for such recourse. We felt the weight of the world was on our shoulders. That was when we decided to try Debt Advisors. Their attorneys were very knowledgeable and assuring. They were a great help in lifting what was a grievous burden. I would recommend their services to anyone.

    thumb anthony mosley
  • 5 star review  I filed a chapter 7 bankruptcy at Debt Advisors with Attorney Janice Nabke and the entire experience was nowhere near as stressful as I was worried about thanks to Janice who was very caring and dedicated to doing everything she could to make the whole process as simple as possible. Janice is very experienced with Bankruptcy cases and knew every correct step to take and was very detailed in explaining everything that I needed to prepare for and what to expect from beginning to end but what really stood out to me was how nice she was with a great personality so I would like to thank her for all of the hard work she put fourth and would highly recommend her to anybody seeking bankruptcy assistance. I would like to make special mention to Holly Mclure Larson who helped me out more than I could possibly imagine and went far above and beyond my highest hopes and expectations after I was still facing harassment and threats from a VERY aggressive Collection Agency trying to collect on the discharged debt and due to the very gracious help from Holly who is FANTASTIC I feel so much better and cannot thank her and the entire team at Debt Advisors enough.

    thumb alex avila
  • 5 star review  Debt Advisors is a wonderful company and I highly recommend them. Attorney Mike Georg has been so easy to work with and extremely helpful and kind throughout the process. Other amazingly helpful and caring staff I worked with were Holly, Julie and Jess. Thank you all!

    thumb Mary Jean
  • 5 star review  Awesome services, I went there feeling impending doom, and left with certainty that someone cares. Michael Georg was friendly and helpful informing me on what is best for my family.

    thumb Charles Sutton
  • 5 star review  My experience with Debt Advisors was wonderful, Michael Georg and his staff are very respectful, helpful and knowledgeable about the steps that need to be taken in your case. My case was simple but challenging for me but they made sure that I didn’t panic and they were able to resolve my case in a very quick and timely manner. I appreciate the time and consideration that they took with my case. Would highly recommend

    thumb Bradley Harrison
  • 5 star review  Debt Advisors is a Top notch law firm!! I was an emotional mess. Lawyer Michael Georg was so compassionate & understanding. He reassured me everything was going to be okay. He explained everything step by step. The cost was very reasonable & he works with you! He's the Best!! The ladies in the office were very sweet, also! I couldn't have found a better place to take care of me. Totally put my mind at ease. HIGHLY RECOMMENDED!!!!! You won't be disappointed!

    thumb Lauri Z
  • 5 star review  Excellent customer service and staff. Got back to me in a timely manner regarding any questions I had. Made filing bankruptcy easy and pain free.

    thumb Amanda Marie Holterman
  • 5 star review  I had an awesome experience with the entire team at Debt Advisors(D.A.). They made a very stressful and complicated situation very easy. When going into this I thought this process was going to be very long and stressful as I did not know what to fully expect. From my very first meeting to my last I had nothing but an easy and pleasant process. Every one was so knowledgeable and helpful! I could not have asked for a better team to assist me in my time of need. Sending a very big Thank you to all the staff at D.A. you guys are amazing.

    thumb Cecilia Brito

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