Misconception #2 About Bankruptcy

Will I lose all of my property in bankruptcy? No, the bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if one was to lose all of their property in bankruptcy. The fact is that most people do not lose anything in their bankruptcy. In Wisconsin you are allowed to keep most personal and household property, equity in your home up to $75,000 for a single person or $150,000 for a married couple, most equity in a car, most retirement plans, and many tools of the trade.