Are there any limits to my spending during the bankruptcy process?

Yes, there are limits to your spending during the bankruptcy process in Wisconsin. Although most of your income and assets will remain outside of the bankruptcy process, the court will look closely at your spending habits to make sure that you remain within acceptable limits. The court will need to approve any spending that exceeds a certain amount. If you file for either a Chapter 7 or Chapter 13 bankruptcy in Wisconsin, you will be subject to the “means test.” This test compares your current monthly income to the average median income of your state and other criteria. If your current monthly income is above the median income for Wisconsin, the court will look more closely at your expenses to make sure that they are necessary. If you are filing for a Chapter 7 bankruptcy in Wisconsin, you will also be subject to the “presumption of abuse.” This means that if the court determines that you have made any unnecessary or extravagant purchases in the six months leading up to filing for bankruptcy, they can deny your petition. To ensure that you remain within the limits of the bankruptcy process, you should always consult with your bankruptcy attorney. They are experienced in Wisconsin bankruptcy law and can help you avoid unnecessary expenses that could put your case at risk.

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Are there any limits to my spending during the bankruptcy process?

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