Knowing property exemption laws may help in Chapter 13 | Milwaukee, WI

BREAKING NEWS:   U.S. Department of Justice announces new rules to discharging federal student loans. Find out if you qualify TODAY!

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125

Serving all of Wisconsin
Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Bankruptcy Exemptions 9 Knowing property exemption laws may help in Chapter 13 bankruptcy

Knowing property exemption laws may help in Chapter 13 bankruptcy

by | Jan 27, 2016 | Bankruptcy Exemptions

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

the secrets about bankruptcy they don't want you to know

Complete this form to receive your FREE copy of Attorney Miller’s book, The Secrets About Bankruptcy They Don’t Want You to Know. Order today to begin your personal journey toward true financial freedom.

Sidebar (Book Request)