Attorney at Debt Advisors Law Offices

Practice Areas: Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Stop Foreclosure

Defining Bankruptcy Assets

Exemptions are provided in bankruptcy to protect your most important assets. Do you know what assets are? If you were asked to identify them, how would you respond?  A The most common responses include home equity, retirement accounts or vehicles.   However, assets come in many forms, both physical and financial.

  • Physical asset examples would include things that you own such as:  Your home, vehicles, land, rental property, furniture, artwork, expensive jewelry, computers, etc.
  • Financial assets would include items such as:  Your income, savings, retirement, securities, pension plans, and even life insurance.

Not all Assets are Considered Equal.

We are more likely to become disabled before the age of 65 than we are to die, so life insurance is more important than most people realize.  A solid retirement account is very important as well.  Our aging community may one day have to live on their retirement accounts alone.  What is in your retirement account could potentially determine your quality of living for many years to come.  But, above all, income is the most important asset.  Why?  Because without it, none of the others would be possible!

Exemptions to Protect Your Assets Vary By State

With the importance of protecting your assets in mind, it’s no wonder that there are questions about how they are protecting in the event of having to file bankruptcy.   The good news is that there are exemptions available to protect these assets.  To maintain the ability to live a productive life “asset protection” involves a combination of laws that allow you to keep certain assets no matter what.  The exemptions to protect your assets vary by state.  In Wisconsin, you can choose to use either the state or federal bankruptcy exemptions.  (Depending upon which system works to benefit you more.)

In order to fully understand the exemptions and protections available to you, it is recommended to consult with a professional bankruptcy attorney. They can provide you with the necessary information and guidance to navigate through the bankruptcy process while maximizing your asset protection. For instance, the team at My Debt Advisors in Kenosha has extensive experience in dealing with bankruptcy cases and can help you understand how to keep your property and assets during bankruptcy. They can also advise you on how to protect your stimulus money and other specific exemptions that may be applicable to your situation. With their expertise, you can feel confident in making informed decisions that will benefit you in the long run.

The Wisconsin homestead exemption may protect property that you occupy or intend to occupy.  Also, virtually all retirement and pension accounts are exempt from creditors, meaning that you can keep them if filing Chapter 7 bankruptcy.   There are some limitations, such as with traditional and Roth IRA’s, and other exclusions which are subject to liquidation.  Most bankruptcy attorneys will be familiar with federal exemptions, but a Wisconsin attorney will be most familiar with Wisconsin exemptions.  By choosing a Wisconsin-based firm, you’ll receive optimal guidance in both areas to make a comfortable decision. Get your free consult.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson