Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Wisconsin. Generally, when you file for bankruptcy, all of your assets become part of your bankruptcy estate, and the court has authority to distribute them as it sees fit. However, there are certain exemptions that you can use to protect a portion or all of certain types of property. In Wisconsin, debtors can make use of the state’s exemptions when filing for bankruptcy. These exemptions include a homestead exemption of up to $50,000, which protects your primary residence from liquidation, and a motor vehicle exemption of up to $10,000, which protects your car from the bankruptcy trustee. You can also exempt up to $1,000 in furniture or household goods, $4,000 in items such as jewelry and computers, and up to $500 in tools of the trade. Additionally, you can also exempt up to $25,000 for an individual or $50,000 for a couple for retirement benefits. In addition to these exemption amounts, Wisconsin allows debtors to use federal bankruptcy exemptions, which include exemptions for personal injury claims, public benefits, and some forms of uninsured income. You should speak with an experienced bankruptcy lawyer in Wisconsin to get a better understanding of the laws and how they can protect your assets in the event of a bankruptcy filing.

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Can I keep certain types of property when filing for bankruptcy?

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