Can I Keep My Personal Property After Bankruptcy?
CAN I KEEP MY PERSONAL PROPERTY?
The Bankruptcy Code affords debtors certain personal property “exemptions” that may be claimed/applied towards debtors property. These exemptions shield property from liquidation, meaning debtors are allowed to keep their personal property as long as it falls within the value guidelines built into the Bankruptcy Code.
Applying the correct exemption to the appropriate piece of personal property is a difficult process. Furthermore, filing for bankruptcy in Wisconsin allows debtors to decide between federal or state exemptions. Both options offer different exemption limits, which can further complicate the exemption planning process.
Proper asset planning within the guidelines of the Bankruptcy Code will allow debtors the quickest and cleanest way to a strong financial foundation, allowing you to get back on your feet faster.
KNOW YOUR OPTIONS…KNOW YOUR RIGHTS!
The Swenson Law Group will help you make certain your personal property and possessions are protected before filing. Attorneys Mart and Evan Swenson’s experience matters when making sure all your options have been reviewed with you. It is the Swenson Law Group’s goal in getting you the best outcome possible.
The links below provide additional information regarding bankruptcy:
- Consumer Information – Debt Collection: Federal Trade Commission
- Wisconsin Consumer Act – Wisconsin Department of Financial Institutions
- Avoiding Foreclosure – HUD
- Credit Counseling and Debtor Education Information – U.S. Trustee Program
- Student Loan Forgiveness – StudentAid.ed.gov
- Consumer Financial Protection Bureau
- Wisconsin’s New Automobile Repossession Law – State Bar of Wisconsin
- Repossession and Your Rights – Avvo.com
- Federal Poverty Guidelines – Wisconsin Department of Health Services
- Facing Foreclosure? – Federal Trade Commission