Phone Call Us 414-326-9231
Toll Free 866-678-9352
Text Us 414-277-7742

Knowing property exemption laws may help in Chapter 13 bankruptcy

Wisconsin consumers who are considering filing for Chapter 13 bankruptcy may have many unanswered questions. While every person's circumstances and financial concerns are unique, Chapter 13 can help an individual who has a regular income regain financial stability without losing valuable assets in liquidation procedures. Bankruptcy filers may need to explore the state laws related to property exemption and how to use those laws to his or her advantage.

Federal and state laws define property exemptions, and in particular circumstances in some states, a filer can choose which exemptions will best serve his or her goals. Property that is commonly included in state laws as exemptions include the homestead or family home and automobiles. Personal items such as jewelry and clothes are also typically defined as exempt along with furniture and other household items.

Knowing which properties will be regarded as exempt is important because the bankruptcy court's calculation of the amount of money to include in the repayment plan is typically based on the value of the non-exempt property. The minimum amount that a filer must offer in his or her repayment plan to creditors is typically equal to the value of nonexempt property. For this reason, claiming all possible exemptions may limit the amount to be repaid to creditors.

In order to make the most of the protection offered by Chapter 13 bankruptcy, it may be helpful to consult with an experienced bankruptcy attorney. A lawyer will be familiar with the property exemption laws of Wisconsin as well as when and how exemption claims must be filed. Claiming all the allowed exemptions may lead to a court-approved Chapter 13 repayment plan that is affordable for the consumer.

Source: FindLaw, "Exempt Property in a Chapter 13 Bankruptcy", Accessed on Jan. 23, 2016

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

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

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

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

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Law Office Map