Wisconsin Bankruptcy Attorney – My clients often ask, “what personal property can I keep if I file for bankruptcy?”
When you file for bankruptcy, there are limits (i.e., exemptions) on the amount of property you can keep. If the value of your property falls within these limits, you will be able to keep all of your personal property during and after the bankruptcy.
For example, according to current Wisconsin state law, you may keep $4,000 in equity in your car (double if you are married = $8,000 in equity in vehicles). You may keep $12,000 in personal property including, but not limited to, household goods, clothes, appliances, firearms, and sporting goods (double if you are married = $24,000).
Happily, most people find that they can keep all of their personal property through the bankruptcy process. However, it is important that you hire counsel to help you through this process. An experienced bankruptcy attorney will evaluate your property and advise you on how to keep it!