More people than ever need a fresh start during these difficult times. But the fear of losing valuable assets often keeps people from seeking relief in Chapter 7 bankruptcy. For those who qualify, bankruptcy is truly a way out of trouble. In fact, most Chapter 7 cases filed in Wisconsin are what are referred to as “no-asset” cases, meaning there are no assets in the case that the bankruptcy trustee can sell to pay creditors.
If you need help filing for Chapter 7 bankruptcy in Milwaukee, the Bankruptcy Law Center can help. We’re here to help you every step of the way and ensure that the filing process goes as smoothly as possible. You don’t have to give up everything when you file for bankruptcy. Read on to learn which assets you can keep if you file for Chapter 7 bankruptcy.
You Can Keep Your Home & Property
Contrary to belief, you won’t lose everything in bankruptcy. Wisconsin residents filing for bankruptcy can take advantage of Wisconsin’s exemptions concerning their homes. If the net equity in your home is less than $75,000 ($150,000 for a married couple), you will not be in jeopardy of losing your home due to a Chapter 7 bankruptcy filing.
In addition, even if your equity exceeds the exemption amount, you can still keep your home by filing a Chapter 13 bankruptcy. An experienced bankruptcy attorney will be able to let you know exactly what options are available to you concerning your home.
You Can Keep Your Vehicle
The requirements for keeping your car are similar to the requirements for keeping your house. If you own your car outright and the value is within the exemption limit, you can likely keep your car.
If you’re still paying off your vehicle:
- If you’re leasing your vehicle, you are able to assume your car lease and continue making payments.
- If you have a car loan, you are able to reaffirm the loan and continue to make regular payments.
You Can Keep Personal Property
Personal property includes various items, such as furniture, electronics, and art. You can protect up to $12,000 in total value for any tangible property (not including real estate) used for family or personal reasons. Household goods, furnishings, and appliances are examples of personal property. It also includes apparel, heirlooms, jewelry, books, various musical instruments, animals, and sporting equipment.
You can keep any property that qualifies as an exempt asset—including cash.
Here are some examples of cash (or assets readily converted to cash) that could have additional bankruptcy exemption protection:
- Unemployment benefits
- Cash or bank balances
The truth is that if you hire an attorney who knows the bankruptcy laws and how to protect your assets, like the attorneys at the Bankruptcy Law Center, you will be able to keep your house, car, and other assets and still be able to discharge your debts in a bankruptcy.
Need Help Filing for Chapter 7 Bankruptcy?
At the Bankruptcy Law Center LLP, bankruptcy is all we do. Our bankruptcy lawyers make filing for Chapter 7 bankruptcy as easy as possible. We know the bankruptcy laws, and we can answer all of your questions. Our focus is exclusively on the complicated bankruptcy laws so that we can preserve the assets of our clients and assist them in getting out of debt. Once the process is complete you can focus on life after bankruptcy, start saving money and focus on rebuilding your credit score.