Will They Take My Stuff If I File Bankruptcy?

Grand Opening Day for Verb

One of my clients’ biggest concerns when filing for bankruptcy is their property. They often think that after filing the court will take everything from them and just leave them with the clothes on their back. Fortunately that is not the case. Most of my clients are able to use the property exemptions to keep ALL of their property. It is my job as their attorney to analyze their assets and protect them.

In Wisconsin you can choose to use the Federal Property Exemptions or the Wisconsin Property Exemptions.

Here are some of the most common exemptions:

– Some amount of cash
– Equity in your home (up to $150,000 for married couples using the WI exemptions)
– Car
– Furniture and household goods
– Clothing
– Jewelry (including wedding ring)
– Individual Retirement Account (IRA)/401(k)
– Tools of the trade (things you need for a business)
– Wildcard exemption (You can use this to exempt anything that is not covered by another exemption.)
– And others.

Each exemption has a dollar amount cap. The amount depends on whether you choose the state or federal exemptions.

If you have questions about the exemptions and your property call or email for a free consultation.

[Friedman, D. Will they take my stuff if I file bankruptcy?]

  Tags: Bankruptcy, Exemptions