Wisconsin, WI Bankruptcy Exemptions

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Wisconsin, WI Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Wisconsin, WI Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Wisconsin, WI Bankruptcy Exemptions

All law references are to Wisconsin, WI Bankrutcy Code.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

Homestead	Property you occupy or intend to occupy to $40,000; sale proceeds exempt for 2 years from sale if you plan to obtain another home ( husband and wife may not double)	815.20
Insurance	Federal disability insurance Fire proceeds for destroyed exempt property for 2 years from receiving Fraternal benefit society benefits Life insurance policy or proceeds to $5000, if beneficiary is a married woman Life insurance proceeds held in trust by insurer, if clause prohibits proceeds from being used to pay beneficiary’s creditors Life insurance proceeds if beneficiary was dependent of insured, needed for support Unmatured life insurance contract, except credit insurance contract, owned by debtor & insuring debtor, dependent of debtor or someone debtor is dependent on Unmatured life insurance contract’s accrued dividends, interest or loan value (to $4000 total in all contracts), if debtor owns contract & insured is debtor, dependent of debtor or someone debtor is dependent on	815.18(3) (ds) 815.18(3) (e) 614.96 766.09 632.42 815.18(3) (I) (a) 815.18(3) (f) 815.18(3) (f)
Miscellaneous	Alimony, child support needed for support Property of business partnership	815.18(3) ( c) 178.21
Pensions	Certain municipal employees Firefighters, police officers who worked in city with population over 100,000 Military pensions Private or public retirement benefits Public employees	66.81 815.18(3) (ef) 815.18(3) (n) 815.18(3) (j) 40.08(1)
Personal Property	Burial provisions Deposit accounts to $1000 Household goods and furnishings, clothing, keepsakes, jewelry, appliances, books, musical instruments, firearms, sporting goods, animals and other tangible property held for personal, family or household use to $5000 total Lost future earnings recoveries, needed for support Motor vehicles to $1200 Personal injury recoveries to $25,000 Tenant’s lease or stock interest in housing co-op, to homestead amount Wages used to purchase savings bonds Wrongful death recoveries, needed for support	815.18(3) (a) 815.18(3) (k) 815.18(3) (d) 815.18(3) (I) (d) 815.18(3) (g) 815.18(3) (I) (c) 182.004(6) 20.921(1) (e) 815.18(3) (I) (b)
Public Benefits	Crime victims’ compensation Social Service payments Unemployment compensation Veterans benefits Workers’ compensation	949.07 49.41 108.13 45.35(8) (b) 102.27
Tools of Trade	Equipment, inventory, farm products, books and tools of trade to $7500 total	815.18(3) (b)
Wages	75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors	815.18(3) (h)
Wild Card	None

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