One of the biggest concerns people face when filing for bankruptcy is the fear that they will lose assets. The reality, however, is that both federal and state law protects assets such as your home, vehicles and other valuable property.
The United States Bankruptcy Code outlines numerous bankruptcy exemptions which allow a debtor to protect certain types of property from the claims of creditors. Wisconsin also has additional exemptions to those granted under federal bankruptcy law. For a complete listing of Wisconsin’s exemptions, please visit the following website: http://www.wisconsinbankruptcy.com/exemptions.html.
Below is a list of a few assets that are exempted from the liquidation process in Wisconsin:
- Equity in real estate which is a primary residence below $75,000
- Household items (such as furniture, appliances, etc) below $12,000
- One car of fair market value below $4,000
- Deposit accounts up to $5,000
- Unemployment and veterans benefits
- Burial provisions
The intent behind the bankruptcy process is to provide the debtor with a fresh start financially. This includes protecting essential assets to assist the debtor with that fresh start.
If you are considering filing a Chapter 7 or Chapter 13 case and you are concerned about losing assets, contact an experienced lawyer at DeLadurantey Law Office, LLC.
If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need.