One of the most common deterrents that stop people from filing for bankruptcy is the fear of losing their personal property. This is because many people don’t understand that even though Chapter 7 bankruptcy requires you to liquidate assets, there are also certain exemptions you can file for to keep belongings like jewelry. If you have valuable jewels or family heirlooms and are worried about whether you can keep them after bankruptcy, an attorney may be able to help you file for exemptions.
Exemptions for Personal Property
The Wisconsin bankruptcy law lays out many different exemptions you can file for so you can keep certain property despite filing for bankruptcy. One exemption is for consumer goods, which allows you to keep up to $5,000 in personal property. Under this exemption, you can protect property such as musical instruments, household goods, and jewelry.
Chapter 7 bankruptcy is an attractive option for many people facing devastating financial circumstances, but the threat of liquidating your assets may seem frightening. However, you can protect personal items like jewelry by speaking with a qualified lawyer about your exemption options.
If you or someone you know is facing a large amount of debt and can no longer pay bills, you may want to consider filing for bankruptcy. Before talking action, be sure to speak with a qualified legal professional about your options for exemptions. Contact a knowledgeable Milwaukee bankruptcy attorney of the DeLadurantey Law Office, LLC, today at 414-377-0518 and schedule a free consultation to discuss your legal options.