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Protect Property When Filing Bankruptcy

Protect Property; Your Most Important Assets

When becoming debt-free is your goal, filing bankruptcy is one pathway to get there. Holding on to homes, vehicles and financial investments such as pensions, are top concerns.  It is true that without maintaining some financial assets, nothing else could exist. The loss of a vehicle could make it impossible to get to and from work. Losing a home could be devastating to a family who needs a roof over their heads. These are all valid concerns. Because people are concerned about losing property that is important to them, they may hesitate to get the financial help they desperately need. The fact is that bankruptcy exemptions exist to protect the most important physical and financial assets that you own.

Exemptions Protect Property

Due to bankruptcy exemptions, you won’t lose all of your assets. As a matter of fact, most people are pleased to find out just how well exemptions protect property. Not all assets have equal value. Exempt property varies by state and type of bankruptcy filed. Now it’s up to you to take the next step. During the evaluation of a potential bankruptcy, it’s common to have many questions. The good news is exemptions DO exist, and they’re designed to protect those things which are necessary to live and make wages. A bankruptcy attorney is the most reliable source for questions regarding bankruptcy options and exemptions.

State Exemptions

In Wisconsin, you can choose to use either the state or federal bankruptcy exemptions; depending upon which program works better for you and your family. Bankruptcy property exemption laws in Wisconsin are quite fair; people are mostly surprised at what property they can keep. There are many items that fall in the category of “physical” or “financial” exempt assets. Ensure you qualify for the maximum exempt property. A Wisconsin Bankruptcy Lawyer will be most knowledgeable about state exemptions in Wisconsin. Once solid legal advice is obtained regarding bankruptcy exemptions, it tends to put people at ease. Having reliable information will always lead to more confidence when making big financial decisions.

Chapter 7 or Chapter 13

Protect your property; it’s an important part of the bankruptcy process. You’ll need to decide which bankruptcy option is best. If you’re eligible to file Chapter 7 or Chapter 13 bankruptcy, you’ll learn that each handles bankruptcy assets differently. For example, in Ch.7 bankruptcy, exemptions will determine how much you may have to give up. When filing Chapter 7 bankruptcy, virtually all retirement and pension accounts are exempt from creditors.  Of course there are some limitations, and other exclusions which may be subject to liquidation.  With Ch.13 bankruptcy, exemptions are part of the calculation regarding what will be paid back to creditors.  For a more detailed explanation, take advantage of the free consultation offered through Debt Advisors Law Offices.  Just fill out the form on this page.

Wisconsin Bankruptcy Attorney

Solid recommendations and optimal legal guidance will help make comfortable decisions. The attorney you choose should have the same goals you do – to protect property while while getting out from under the heavy burden of debt. Most bankruptcy attorneys will be familiar with federal exemptions. However, a Wisconsin bankruptcy attorney such as Debt Advisors Law Offices will be familiar with both federal and state of Wisconsin exemptions. After careful consideration and evaluation of your case, this scenario may provide more options that couldn’t be offered otherwise.

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