Bankruptcy and Judgments: What are the State Exemptions for Wisconsin?
The law in Wisconsin is clear: if a creditor obtains a judgment against you, you must claim (“affirm”) your right to the following list of exemptions. If you do not, your creditors can sell the item out from under you and take the proceeds (they will be nice enough to mail a check to you for the difference). The following list of exemptions are items that you can keep safe from creditors who have judgments against you, as long as you file the proper claim for with the court. You can also keep the items if you go bankrupt. There are very specific laws in place regarding life insurance policies: if you have one, or are the beneficiary of one, you should contact a lawyer who will be able to tell you if the proceeds or cash value are exempt.
- Personal burial lot, coffins, headstones: exempt.
- Business and farm “tools of the trade”: $7,500 worth of equipment and inventory.
- Child support, family support or maintenance payments: exempt (up to the judge exactly how much is exempt).
- Household goods and furnishings, clothes, keepsakes, jewelry, appliances, books, musical instruments, firearms, sporting goods, animals or other tangible personal property: $5,000 total.
- County fairs and agricultural societies: state aid received
- Federal disability insurance benefits: no limit
- Fire and casualty insurance payouts: generally exempt
- Fire and police pension fund: generally exempt in locations where the population is larger than100,000.
- Fire engines and equipment: no dollar limit (for necessary protection)
- Life insurance cash value: $4,000
- Car: $1,200
If you own any items above and beyond these limits, you will be required to sell the items or pay your creditor the difference in value if you want to keep it. For example, if you own a car worth $1,500, you will have to pay $300 to your creditor or sell the car (your creditor will take what you owe them and send you a check for the difference).
Related posts:
- Bankruptcy and Judgments: What are the State Exemptions for Colorado?
- Bankruptcy and Judgments: What are the State Exemptions for Washington?
- Bankruptcy and Judgments: What are the State Exemptions for Texas?
- Judgments: What are the State Exemptions for West Virginia?
- Judgments: What are the State Exemptions for Utah?
