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  I highly recommend Debt Advisors if you are considering a bankruptcy. We are nearing the end of our plan and everyone at DA has been extremely helpful and thorough. Angel in particular has been very helpful with the many, many questions we've had over the years. Thanks for all of your efforts!

    thumb Howard Lord
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    thumb Angela McAllister
  • 5 star review  I had nothing but an amazing experience. Very professional, intelligent, hard working, and caring. Attorney Michael S. Georg was nothing short of amazing! He made the process painless and easy. From the first meeting to the last he was nothing but professional and showed that he cared! His staff was excellent and is very helpful!

    thumb Darrel Allen Sr
  • 5 star review  From the second I walked in and talked to the lawyer I felt a sense of relief and a huge weight off my shoulders. Debt Advisors was efficient, timely, and professional. They helped my husband and I to get a fresh start financially.We’re so happy we chose Debt Advisors!!

    thumb Suseela Riley
  • 5 star review  Not a good year, 2016. Chad L. Schomburg at Debt Advisors Law Office made it easier. Very professional and with the knowledge to answer all my questions. Extremely happy with the results and I highly recommend this Law Office.

    thumb Marco Ramirez
  • 5 star review  Mike Georg was extremely helpful during the entirety of my process. He made sure I understood exactly what was going to happen and he was always there to answer any questions I may have had. I really like the fact that I didn’t have to pay all out of pocket at once. Their payment plan made it easy for me to pay what I had to without breaking the bank. I’m completely satisfied with the level of professionalism that everyone in the office has. Even to this day I’m able to get in touch with them which I’m really grateful for. I’d definitely recommend them to my family and friends. If your someone who’s looking to get out of debt but are skeptical, you’ll have no worries here with Debt Advisors. The process is quick and easy.

    thumb Shetara Johnson
  • 5 star review  I still remember the day when I started my bankruptcy back in 2016. I selected Debt Advisors because a good friend of mine had recommended Atty Mike Georg to me. After we met I was glad that I did select Debt Advisors for many reasons. Mainly, it was the professionalism and care that Mike and his staff showed me throughout the entire process. It felt good knowing that my situation would be taken care of efficiently and in a timely manner. Even after my bankruptcy was discharged Attorney Mike Georg and Debt Advisors have been there for me in 2018 and this 2020. Both times I've needed professional help with things like providing me with documents and forms that I've needed from my case. I strongly encourage anyone looking for debt consultation to visit Debt Advisors for help. They're great at what they do!

    thumb Arlandus Morton
  • 5 star review  Bankruptcy is never fun, but this Law Office made it so much easier. If I ever had any questions at all they were answered timely. They even helped me through a rough time when I ended up having to pay taxes and had a big medical exspense too! They were always kind and never made me feel bad for having to do the bankruptcy. They were sympathetic to why and just helped me through it! I recommend them to anyone I know going through this or having to start this process. I know of two of the people I referred who used htem and loved them too! Thank you Debt Advisors Law Offices! Jeremy and Angel thank you personally!

    thumb Tami Miller
  • 5 star review  I can confidently say that Debt Advisors is NOT in the business of taking advantage of you in your current situation. Debt Advisors is in the business of helping you get in a better place than you are now. I was there, constantly worrying about this large amount of debt that I owed. Feeling sick to my stomach and unable to sleep at night. Then I talked to Mike. He is genuine and honest. Having him in my corner took this huge weight off my chest. If you are in this place, I highly recommend giving Debt Advisors a call, it is the first step in the right direction.

    thumb Kurt Cameron
  • 5 star review  I had nothing but and amazing experience with Debt Adviosrs. They made this process for me easy and painless. Still today they are open and willing to help me. These are really great people, and they really care. Thank you Geroge and the rest of your team.

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