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Bankruptcy is a complex and often confusing process, and it can be even more so when it comes to navigating the laws and regulations of a specific state. Wisconsin is no different, and there are many rules and regulations that govern the bankruptcy process in the state. Here are 10 facts about bankruptcy in Wisconsin that you should know:
10 Facts About Bankruptcy in Wisconsin:
1. Wisconsin is an “opt-in” state for the federal bankruptcy exemptions, which means you have the option to use either the federal exemptions or the state exemptions.
2. The filing fee for a Chapter 7 bankruptcy in Wisconsin is $335, and the filing fee for a Chapter 13 bankruptcy is $310.
3. Wisconsin allows debtors to keep their home and certain other property, such as a car and household goods, when filing for bankruptcy.
4. In a Chapter 7 bankruptcy, debtors are required to attend a meeting of creditors. This meeting is usually held at the bankruptcy court.
5. Wisconsin does not impose a minimum or maximum debt limit for bankruptcy.
6. The court may require debtors to complete a financial management course before their debts can be discharged.
7. In a Chapter 7 bankruptcy, unsecured debts can be discharged, while in a Chapter 13 bankruptcy, they can be restructured or paid over time.
8. Wisconsin bankruptcy law allows debtors to file for bankruptcy jointly or individually.
9. In a Chapter 7 bankruptcy, creditors may not pursue any collection activities against the debtor.
10. Wisconsin allows debtors to keep certain tax refunds, public benefits, and retirement accounts when filing for bankruptcy.
Bankruptcy is a complex process, and it’s important to understand the laws and regulations of your state. Knowing these 10 facts about bankruptcy in Wisconsin can help you make an informed decision about filing for bankruptcy and ensure that you understand the process.
Is Chapter 7 Bankruptcy Right for You?
Making the decision to file for Chapter 7 bankruptcy in Wisconsin is a personal one and depends on what your current situation is. Our team at Kingstad Law has over 40 years of experience and can help you with our free consultation to see if this is the right choice for you. Attorney David Kingstad patiently and skillfully guides each and every one of his clients through the bankruptcy process, helping them earn the “fresh start” they truly deserve while preserving their dignity and livelihoods. Feel free to call us at (414) 281-5500.