When filing for a Chapter 7 bankruptcy, there are a number of “exempt” properties that the filer is allowed to keep. These items are not liquidated. While the general rules of bankruptcy are provided by the United States government, each state provides more specific laws about what property can be protected during a bankruptcy filing. Naturally, it can be incredibly beneficial to know what property is exempt in the state of Wisconsin.
Exempt Property in Wisconsin
While there are a number of major exemptions under Wisconsin State law, the most notable are:
- Up to $40,000 of your residence
- Federal disability insurance
- Certain pension funds
- Alimony and child support
- Up to $25,000 in personal injury recoveries
- Up to $1,200 of your motor vehicle
- Up to $7,500 of tools used for your trade
- Up to 75% of earned but unpaid wages (although this number may be flexible depending on need)
There are a number of other exemptions you may also qualify for. An experienced Milwaukee bankruptcy lawyer can explain your options to you.
If you or someone you love is wondering whether or not to file for Chapter 7 bankruptcy, the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC may be able to help. To discuss your case with one of our attorneys in more detail, please contact us today by calling 414-377-0518.