Bankruptcy Laws in Wisconsin

Bankruptcy Laws in Wisconsin

Bankruptcy Laws in Wisconsin

Bankruptcy is governed by the federal law; each state has specific bankruptcy rules that they create themselves to govern their lending practices. Exemptions are rules which specify a value for certain objects which can be protected from liquidation when you are filing your bankruptcy. In Wisconsin, there are homestead exemptions which will protect the borrower more than $75,000 and $75,000 equity of your home. This means that unless your home equity is valued more than $75,000, then you are not at risk of losing it. Wisconsin exemptions cover the following

  • Automobiles up to $4,000
  • Household furnishings and goods
  • Keepsakes
  • Wearing apparel
  • Jewelry
  • Appliances
  • Books
  • Musical instruments
  • Firearms
  • Sporting goods
  • And animals up to $12,000.

The state of Wisconsin is categorized into two bankruptcy districts the western and eastern. The eastern district covers the following cities

  • Kenosha
  • Milwaukee

Western districts cover these cities

  • Eau Claire
  • Madison

It is imperative to note that when filing for bankruptcy, you should find an attorney who will understand your situation. Read all the terms and conditions included in the agreement before you agree to anything.