Wisconsin Bankruptcy Laws

Wisconsin bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Wisconsin bankruptcy district courts are located in ten places under two group regions – Wisconsin Eastern District Court and Wisconsin Western District Court.

Properties Exemptions Under The Wisconsin Bankruptcy Laws

As per the Wisconsin bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Wisconsin bankruptcy district courts.

•Any property that you already occupy or are attempting to occupy will come under Homestead Exemptions. The maximum amount exemptible is forty thousand dollars in total.
•Insurance Exemptions include specific immature life insurance contract, fraternal benefit society benefits, and federal disability insurance.
•The Wisconsin bankruptcy laws have also specified that if you are a married woman and a beneficiary for life insurance policy or proceeds, you can claim for exemptions up to five thousand dollars in this regard.
•The deposit accounts have been included in the personal properties exemptions. You can exempt as much as one thousand dollars.
•Public benefit exemptions include workers’ compensation, veterans benefits, unemployment compensation, social service payments, and crime victims’ compensation.
•Other personal properties exemptions include motor vehicles up to 1200 dollars and personal injury recoveries up to twenty-five thousand dollars.
•Pension funds are also allowed for exemption, under the Wisconsin bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦Private or public retirement benefits
◦Military pensions are also considered under pension exemptions as per the Wisconsin bankruptcy laws.
◦The Firefighters and police officers that are appointed in a city, where the population is more than 100,000.
•As per the Wisconsin bankruptcy laws, no Wild Card exemptions are allowed.