Chapter 7 bankruptcy is the most commonly filed type of bankruptcy for individuals in the United States. It allows an individual to liquidate many of their assets in exchange for paying debts, so they can get out of debt. One common misconception about bankruptcy is that individuals will lose all personal property, however this is simply not true. In fact, you can exempt a large amount of your personal property before filing for bankruptcy.
Exemptions You Need to Know
Wisconsin bankruptcy law lets people exempt a large amount of personal property. Three exemptions you need to make sure you know about are:
- Your home or place of residence – the Wisconsin homestead exemption lets you exempt property up to $75,000 per spouse.
- Your vehicle – many people need their motor vehicle to get to work and run errands for their family. You can exempt your vehicle up to $4,000.
- Your paycheck – Don’t lose your paycheck when you file for bankruptcy. You can exempt 75 percent of your net wages or 30 times minimum wage (whichever is greater). You can also exempt tools of the trade up to $15,000.
For more information on these exemptions and other bankruptcy issues, contact a trusted legal professional as soon as possible.
There are many different bankruptcy exemptions, but there are a few exemptions you should make sure you file for. To speak with a qualified legal representative about your options, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC today at 414-377-0518 and take control of your financial future.