Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Wisconsin's bankruptcy exemptions: the basic types

This is a Wisconsin-specific follow-up to a post we did recently on a U.S. Supreme Court ruling regarding bankruptcy exemptions.

As we explained in our March 6 post, the Supreme Court has held that the homestead exemption in a Chapter 7 bankruptcy applies as a shield against creditors even if the debtor tried to game the system by placing a fraudulent lien on his property.

In this post, we will take note of some of the basic exemptions available in bankruptcy cases under Wisconsin law.

Let's be clear, at the outset, about the interplay between federal law and state law here. Bankruptcy law is federal law. Whether you're filing under Chapter 7, Chapter 13, Chapter 11 or some other less-known provision of bankruptcy law, you will be proceeding under federal law.

But in Wisconsin as in other states, state law provides exemptions for certain types of property in bankruptcy proceedings. If property is exempt, that means it is beyond the reach of creditors.

The homestead (residential property) exemption considered by the Supreme Court is only of these exemptions. There are a number of others.

In Wisconsin, exempt property may include:
• Bank deposits
• Personal property
• Motor vehicles
• Pension and retirement benefits
• Workers' compensation
• Unemployment compensation
• Veterans' benefits
• Burial funds

There are also other types besides those on the above list.

Of course, the exact application of these exemptions can raise many definitional questions in specific cases. And the application of exemptions also varies from state to state. This is why it makes sense to discuss your case with a bankruptcy attorney.

Source: U.S., "What are Wisconsin's Exemptions?" Accessed March 26, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.