Exemption laws passed at the state level determine what property can be kept from creditors in Wisconsin. Table of ContentsWisconsin Homestead Exemption Wisconsin Personal Property Exemption Wage Protections in WisconsinPensions and Retirement Accounts In Wisconsin, homeowners may file Chapter 7 bankruptcy and keep their home in certain cases. As such, homesteads are one of the primary exemptions (assets that are untouchable by creditors) in many Chapter 7 bankruptcy cases in Wisconsin. The homestead is the most important exemption for Wisconsin filers who own property, but there are many other exemptions which may apply as well. In Wisconsin, filers may opt to use state-specific exemptions or federal exemption statutes. Here are some of the top bankruptcy exemptions in Wisconsin. Wisconsin vs. Federal Exemptions The top 5 exemptions under Wisconsin law compared to federal law. Type of exemptionWisconsin lawFederal law Homestead$75,000, or $150,000 for married couples filing jointly$23,675 of equity in principal place of residence Personal property$12,000 aggregate value$12,625 aggregate value on household goods, plus federal wildcard exemption applicable ($1,250 plus $11,850 of any unused portion of your homestead exemption) Vehicle$4,000; an additional $12,000 in unused personal property exemptions can be added to this$3,775 Wages75% net weekly incomeIncome you've earned but not yet received becomes part of your bankruptcy estate Pension/retirementTax-exempt retirement accounts, including pensions for some firefighters, police officers, and municipal employeesExempt, with a cap of about $1.28 million on IRAs and Roth IRAs Wisconsin Homestead Exemption The homestead exemption through Wisconsin code is more beneficial than what federal exemptions allow. Bankruptcy filers may exempt up to $75,000 equity in their home for individuals, or $150,000 for married couples filing jointly. If you intend to purchase another home, your sale proceeds are exempt for up to two years, but this cannot be doubled when married. Wis. Stat. Ann. § 815.20 Wisconsin Vehicle Exemption Up to $4,000 equity in a motor vehicle may be exempt using the state exemptions. An additional $12,000 in unused personal property exemptions can be added to this for vehicles that are worth more money. Wis. Stat. Ann. § 815.18(3)(g) Wisconsin Personal Property Exemption Personal property is exempt up to $12,000 in aggregate value. This includes the following: Household goods and furnishings Appliances Clothing Keepsakes, jewelry, and other articles of personal adornment Musical instruments Books Firearms Sporting goods Animals Money paid into a trust fund or college savings account also is exempt under the personal property exemptions, in addition to personal injury recoveries up to $50,000. Wis. Stat. § 815.18(3)(d) Wage Protections in Wisconsin Up to 75% of a debtor’s net weekly income is exempt, limited to what is reasonably necessary. Wis. Stat. Ann. § 815.18(3)(h) Pensions and Retirement Accounts Various pension and retirement accounts are covered by Wisconsin or federal law, including tax-exempt retirement accounts. Wis. Stat. Ann. § 815.18(3)(j) Some municipal employees, firefighters and police officers who work in cities with more than 100,000 residents have exempt pensions under Wisconsin bankruptcy code. Wis. Stat. Ann. § 815.18(3)(e)(f) Additionally, public benefits including veterans benefits, unemployment insurance, workers’ compensation, and disability insurance are all 100% exempt. FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
Exemption laws passed at the state level determine what property can be kept from creditors in Wisconsin. Table of ContentsWisconsin Homestead Exemption Wisconsin Personal Property Exemption Wage Protections in WisconsinPensions and Retirement Accounts In Wisconsin, homeowners may file Chapter 7 bankruptcy and keep their home in certain cases. As such, homesteads are one of the primary exemptions (assets that are untouchable by creditors) in many Chapter 7 bankruptcy cases in Wisconsin. The homestead is the most important exemption for Wisconsin filers who own property, but there are many other exemptions which may apply as well. In Wisconsin, filers may opt to use state-specific exemptions or federal exemption statutes. Here are some of the top bankruptcy exemptions in Wisconsin. Wisconsin vs. Federal Exemptions The top 5 exemptions under Wisconsin law compared to federal law. Type of exemptionWisconsin lawFederal law Homestead$75,000, or $150,000 for married couples filing jointly$23,675 of equity in principal place of residence Personal property$12,000 aggregate value$12,625 aggregate value on household goods, plus federal wildcard exemption applicable ($1,250 plus $11,850 of any unused portion of your homestead exemption) Vehicle$4,000; an additional $12,000 in unused personal property exemptions can be added to this$3,775 Wages75% net weekly incomeIncome you've earned but not yet received becomes part of your bankruptcy estate Pension/retirementTax-exempt retirement accounts, including pensions for some firefighters, police officers, and municipal employeesExempt, with a cap of about $1.28 million on IRAs and Roth IRAs Wisconsin Homestead Exemption The homestead exemption through Wisconsin code is more beneficial than what federal exemptions allow. Bankruptcy filers may exempt up to $75,000 equity in their home for individuals, or $150,000 for married couples filing jointly. If you intend to purchase another home, your sale proceeds are exempt for up to two years, but this cannot be doubled when married. Wis. Stat. Ann. § 815.20 Wisconsin Vehicle Exemption Up to $4,000 equity in a motor vehicle may be exempt using the state exemptions. An additional $12,000 in unused personal property exemptions can be added to this for vehicles that are worth more money. Wis. Stat. Ann. § 815.18(3)(g) Wisconsin Personal Property Exemption Personal property is exempt up to $12,000 in aggregate value. This includes the following: Household goods and furnishings Appliances Clothing Keepsakes, jewelry, and other articles of personal adornment Musical instruments Books Firearms Sporting goods Animals Money paid into a trust fund or college savings account also is exempt under the personal property exemptions, in addition to personal injury recoveries up to $50,000. Wis. Stat. § 815.18(3)(d) Wage Protections in Wisconsin Up to 75% of a debtor’s net weekly income is exempt, limited to what is reasonably necessary. Wis. Stat. Ann. § 815.18(3)(h) Pensions and Retirement Accounts Various pension and retirement accounts are covered by Wisconsin or federal law, including tax-exempt retirement accounts. Wis. Stat. Ann. § 815.18(3)(j) Some municipal employees, firefighters and police officers who work in cities with more than 100,000 residents have exempt pensions under Wisconsin bankruptcy code. Wis. Stat. Ann. § 815.18(3)(e)(f) Additionally, public benefits including veterans benefits, unemployment insurance, workers’ compensation, and disability insurance are all 100% exempt.