Holding Onto Your Possessions In Bankruptcy
If I file bankruptcy, what can I keep? This is one of the top concerns of people considering bankruptcy. People looking at Chapter 7 bankruptcy are often afraid that they will have to lose everything to get out of debt. Fortunately, this is not the case at all, since the law provides for exemptions that enable debtors to keep most if not all of their possessions subject to certain liens.
If you are interested in holding onto your possessions in bankruptcy, talk to an attorney at Lanser Law Office. We will review your situation and discuss your options with you. We are adept at helping clients with complex financial situations in Waukesha, New Berlin and the Milwaukee area. Call our firm today at 262-522-2280.
Meeting with an attorney now, may help you to avoid problems later. Before you move or transfer an asset, talk to us about how we can help you with pre-bankruptcy planning.
How Bankruptcy Exemptions Work In Wisconsin
Bankruptcy was developed to give people a fresh start without crippling them. In Wisconsin, individuals have the option of choosing between a state and federal exemption system. Since there are certain advantages to each, the exemption system you use will likely depend on the type and value of your assets.
Both the state and federal exemption schemes have dollar amount limits for various types of assets, with the federal amounts being indexed for regular adjustments. Both schemes have other exemptions that protect certain assets without regard to value while other exemptions have nonmonetary limitations.
Find Out How You Can Protect Your Possessions
Doing a thorough analysis of your asset structure, paying particular attention to how values line up against available exemption provisions, is a critical first step in determining whether or not there is any potential for losing assets in a bankruptcy.
All too often, people who are worried about keeping their possessions in a bankruptcy will dispose of them on their own, sometimes not even realizing that those assets would be exempt!
There are very strict rules with regard to transferring or selling assets in the years prior to a bankruptcy filing. If you are worried about whether or not YOUR assets are at risk of being lost in a bankruptcy, or how to legitimately protect your assets, talk with lawyer Bruce A. Lanser. Attorney Lanser can counsel you on pre-bankruptcy planning and the risks involved.