Wisconsin Bankruptcy Exemptions
You May Choose State or Federal Exemptions
Wisconsin created bankruptcy exemptions to allow you to maintain enough
public benefits, wages, personal property, and insurance to start over
after filing bankruptcy. In the state of Wisconsin, you may choose either
the state of Wisconsin bankruptcy exemption list or the federal bankruptcy
list if you are filing for
Chapter 7. If you choose the Wisconsin bankruptcy list, there may be certain federal
supplemental exemptions you can use too.
In Chapter 7, you will be appointed a bankruptcy trustee who has the authority
to see your non-exempt property to pay back your creditors. They cannot,
however, sell any non-exempt property, such as retirement accounts. If
you are considering
filing for bankruptcy, you should discuss exemptions with your Wisconsin
bankruptcy attorney.
Contact Price Law Group online or call (866)210-1722 to make an appointment for a free initial consultation
with a Wisconsin bankruptcy exemption attorney. We are ready to help you!
The table below outlines bankruptcy exemptions in Wisconsin. Some of your
property or assets may not have a matching exemption. If you have questions,
contact Price Law Group today at (866)210-1722.
| Exemptions |
Exemption Amount |
Statutes |
| Homestead |
Property you occupy or intend to occupy to $40,000; sale proceeds exempt
for 2 years from sale if you plan to obtain another home ( husband and
wife may not double) |
815.20 |
| Insurance |
Federal disability insurance
Fire proceeds for destroyed exempt property for 2 years from receiving
Fraternal benefit society benefits
Life insurance policy or proceeds to $5000, if beneficiary is a married woman
Life insurance proceeds held in trust by insurer, if clause prohibits
proceeds from being used to pay beneficiary’s creditors
Life insurance proceeds if beneficiary was dependent of insured, needed
for support
Non-matured life insurance contract, except credit insurance contract,
owned by debtor & insuring debtor, dependent of debtor or someone
debtor is dependent on
Non-matured life insurance contract’s accrued dividends, interest
or loan value (to $4000 total in all contracts), if debtor owns contract
& insured is debtor, dependent of debtor or someone debtor is dependent on
|
815.18(3) (ds)
815.18(3) (e)
614.96
766.09
632.42
815.18(3) (I) (a)
815.18(3) (f) 815.18(3) (f)
|
| Miscellaneous |
Alimony, child support needed for support Property of business partnership
|
815.18(3) ( c) 178.21
|
| Public Benefits |
Crime victims’ compensation
Social Service payments
Unemployment compensation
Veterans benefits
Workers’ compensation
|
949.07
49.41
108.13
45.35(8) (b)
102.27
|
| Personal Property |
Burial provisions
Deposit accounts to $1000
Household goods and furnishings, clothing, keepsakes, jewelry, appliances,
books, musical instruments, firearms, sporting goods, animals and other
tangible property held for personal, family or household use to $5000 total
Lost future earnings recoveries, needed for support
Motor vehicles to $1200 (plus unused portion of household furnishing exemption)
Personal injury recoveries to $25,000
Tenant’s lease or stock interest in housing co-op, to homestead amount
Wages used to purchase savings bonds
Wrongful death recoveries, needed for support
|
815.18(3) (a)
815.18(3) (k)
815.18(3) (d)
815.18(3) (I) (d)
815.18(3) (g)
815.18(3) (I) (c)
182.004(6)
20.921(1) (e) 815.18(3) (I) (b)
|
| Pensions |
Certain municipal employees
Firefighters, police officers who worked in city with population over 150,000
Military pensions
Private or public retirement benefits
Public employees
|
66.81
815.18(3) (ef)
815.18(3) (n)
815.18(3) (j)
40.08(1)
|
| Tools of the Trade |
Equipment, inventory, farm products, books and tools of trade to $7500 total |
815.18(3) (b) |
| Wages |
75% of earned but unpaid wages; bankruptcy judge may authorize more for
low-income debtors |
815.18(3) (h) |
| Wildcard |
None |
|