Contrary to popular belief, you do not need to give up everything in bankruptcy. You do not need to lose all your possessions and savings. Learning about exemptions in bankruptcy will help you prepare for your financial future.
Exemptions in bankruptcy vary from state to state. The exemptions in Wisconsin include assets from a variety of areas.
There is myth that bankruptcy means having to sell all your possessions. This is not the case. Some property exemptions include:
- $1,200 toward a motor vehicle
- $40,000 exempt after selling a home
Savings, Retirement Plans and Pension
One of the goals of bankruptcy is to create a stable financial future. For this reason, bankruptcy exemptions may include:
- Money for college
- Saving bonds
- Stock in co-op housing
- Trust funds
- Public employee pensions
- Military pensions
- Public service pensions
There are several different monetary benefits that are exempt from bankruptcy. These include:
- Crime victim
- Worker’s compensation
Any items purchased for the individual’s business may be exempt. Supplies and other necessities will qualify for up to $7,500.
Child support payments and alimony will be exempt to protect the quality of life of a child. Life insurance is another important asset in your financial future.
The laws regarding exemptions in bankruptcy can be complicated and can change based on location. The experienced Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC understand these complex laws and can help you with your bankruptcy filing. Contact us today at 414-377-0518 to discuss your bankruptcy case.