 |
|
Wisconsin Bankruptcy Exemptions
The Wisconsin bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Wisconsin. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
In Wisconsin, you also have the choice
of using the federal
exemption statutes instead of your Wisconsin exemptions.
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the assets. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Wisconsin you may also use certain federal exemptions in addition to your Wisconsin exemptions. |
|
|
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
|
|
For more information on filing bankruptcy in Wisconsin explore Wisconsin Bankruptcy Law.
| |
|
|
