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Bankruptcy Exemptions

Answers from an Appleton Bankruptcy Lawyer – (888) 782-9423

When you file for bankruptcy, the number one concern on your mind is most likely going to be what happens to your property. In so many instances, you have probably heard stories of bankruptcy taking everything away from hardworking people like yourself. While this is a frightening scenario, it is also incredibly unrealistic and rare. The truth is you can probably keep valuable pieces of property thanks to Wisconsin’s bankruptcy exemptions.

To utilize and maximize your bankruptcy exemptions, come to Sapinski Law Office, S.C. My name is Andrew Sapinski, and I am a bankruptcy attorney in Appleton with more than 20 years of practice experience under my belt. Throughout my career, I have been there to thousands of clients in situations very much like yours. I always prioritize client satisfaction, which means using bankruptcy exemptions to their fullest extent. My goal is to eliminate as much of your debt as we can while also keeping as much of your property as possible.

Get started now by sending my law firm an online contact form.

Using Wisconsin or Federal Exemptions

When you file for bankruptcy in Wisconsin, you can decide if you want to use federal exemptions or the state’s own list of exemption limits. This is a tremendous benefit to you, the bankruptcy filer, as it is always better to have a say in your bankruptcy than sitting by and letting laws mandate how everything is done. Most other states in the country will force you to use either state or federal bankruptcy exemptions, whichever is worse for you. Work with me, your trusted Appleton bankruptcy lawyer, and I can help you see which set of exemptions saves you the most.

Wisconsin’s most valuable state exemptions are:

  • Homestead exemption: $75,000
  • Motor vehicle exemption: $4,000
  • Consumer goods exemption: $12,000
  • Savings and checking exemptions: $5,000
  • Personal injury award exemption: $50,000
  • Retirement accounts: Varies but generally lenient

Federal exemptions change with cost of living increases, and are currently:

  • Homestead exemption: $22,975
  • Wild card exemption: $1,225, with additional $11,500 of unused homestead exemption
  • Motor vehicle exemption: $3,675
  • Household goods exemption: $12,250
  • Jewelry exemption: $1,550
  • Personal injury award exemption: $22,975
  • Retirement accounts: Varies but generally lenient

It is also worth noting that many of these exemptions effectively double if you file for bankruptcy jointly with your spouse. There are some clients who will benefit from one over the other due to their type of bankruptcy filing — such as Chapter 7 or Chapter 13 — and the unique circumstances of their finances and property. It is my goal to make certain you know your options and make the best possible choice for you. No one who comes to my firm is given impersonal, uncaring representation — that is my promise to you.

Talk to an Appleton bankruptcy lawyer from my firm today at (888) 782-9423 to begin.

Trusted and Recommended

See What Past Clients Have Said
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    M.R. & B.R.
  • “You definitely took away a lot of the pain.”

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  • “By hiring Attorney Sapinski, we saved ourselves thousands of dollars.”

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  • “If you are in need of legal assistance in the area of debt relief or bankruptcy, I would highly recommend Andrew Sapinsky.”

  • “I would recommend Sapinski Law Office, S.C. to anyone facing bankruptcy.”

  • “Sapinski Law Office, S.C. is a place I highly recommend for people truly in need of help with their debt.”