What Assets are Exempt from Bankruptcy?

by DeLadurantey Law Office, LLC on November 4, 2014

11102865_s (2)Most of our clients are concerned about what assets they will lose if they file for bankruptcy protection. In fact, many people are under the misperception that they will emerge from their Chapter 7 case with only the shirt on their back. Fortunately, this is far from true.

Bankruptcy was created to give individuals a “fresh start.” The law recognizes that in order for you to get a new start, you must be allowed to keep certain essential assets. These assets are protected from the trustee and your creditors by being exempted from the bankruptcy process. Both federal law and Wisconsin state law provide you with bankruptcy exemptions.

A few examples of bankruptcy exemptions provided by Wisconsin law are:

  • Equity in real estate which is a primary residence below $75,000
  • Household items (such as clothing, furniture, appliances and similar assets) below $12,000
  • Equity in one car of fair market value below $4,000
  • Deposit accounts up to $5,000
  • Unemployment and veterans benefits
  • Federal disability insurance
  • Military pensions
  • Qualifying retirement accounts
  • Burial provisions

There are many misconceptions about bankruptcy out there. Don’t believe everything you hear from friends or that you read online. Let us answer your questions and help you understand how filing for bankruptcy protection could benefit you. We can also help you explore your other available debt relief options. It is our goal to help you regain control over your financial life in the most beneficial way possible. Let us help.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC.   DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.

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