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.