Bankruptcy Lawyer Locator

Richard B. Jacobson
44 E. Mifflin St.
Madison, WI 53703

Phone: 608-204-5990
Fax: 608-204-5991

madisonwibankruptcylawyers.com

Counties Served:

Adams	Ashland
Barron	Bayfield
Buffalo	Burnett
Chippewa	Clark
Columbia	Crawford
Dane	Douglas
Dunn	Eau Claire
Grant	Green
Iowa	Iron
Jackson	Juneau
La Crosse	Lafayette
Lincoln	Marathon
Monroe	Oneida
Pepin	Price
Richland	Rock
Saint Croix	Sauk
Sawyer	Taylor
Trempealeau	Vernon
Vilas	Washburn
Wood

Areas of Practice:
Bankruptcy

Many people in Wisconsin struggle to pay their bills. They may lose hope that they'll ever be able to cover their debt. One option they may turn to is bankruptcy. Businesses are also eligible for bankruptcy protection.

There's no magic formula for deciding when bankruptcy is the right choice. It's an option you might consider if you:

• Are paying only minimum amounts on your bills
• Can't budget yourself out of debt within five years
• Are getting notices that your mortgage or loans are being foreclosed
• Have had a severe financial setback, such as losing your job or a major client, a divorce or a costly illness
• You are suffering emotionally from being unable to pay your bills

Bankruptcy does not get rid of all debts. You're still responsible for:

• Maintenance
• Child support
• Most recent back taxes
• Most student loans
• Recent purchases of more than $550 for luxury goods bought within 90 days of filing
• Fines or penalties of government agencies
• Fraudulent debts
• Cash advances of $825 within 70 days of filing

As a Wisconsin resident, you can file for bankruptcy under:

• Chapter 7 (Straight Bankruptcy) To wipe out all debts except those listed and get an immediate fresh start.
• Chapter 13 (Wage Earner Bankruptcy) To set up a repayment plan to pay back all or part of your debts over several years' time.
• Chapter 11 A business can reorganize under Chapter 11, as may an individual with debts beyond the limits set for Chapter 13. A business may also liquidate under Chapter 7.
• Chapter 12 A special form of bankruptcy protection for family farmers.

Bankruptcy Abuse Prevention and Consumer Protection Act

On April 20, 2005, the President signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act, which limits individual access to US bankruptcy courts. These changes make access to chapter 7 more stringent.
What Can I Keep?

"Exempt" property is property that you are allowed to keep. What property is exempt is determined by both state and federal law. The items and amounts in this section may change in the future. Updated information can be found in Wisconsin Statutes and the Bankruptcy Code (Title 11, United Stats Code).

In Wisconsin, you may take Wisconsin or federal exemptions.

Generally, under the Wisconsin exemptions, you can protect $75,000.00 in equity in your home ($150,000.00 in a case where both spouses file). You can also protect up to $12,000.00 (per each debtor) in consumer goods and $4000.00 in value in a motor vehicle (per each debtor). In some cases you can protect even greater equity in the vehicle(s). Generally, you can protect from creditors any reasonable amount in a tax-qualified retirement plan.

The federal exemptions are generally similar, except the homestead exemption is limited to $21,625 per debtor and there is a 'wildcard' which ranges from $1,150.00 (per debtor) up to a possible maximum of $11,975.00 (per debtor). The 'wild card' can be used to exempt any property. There are various other more specific Wisconsin and Federal exemptions. 

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Creditors are subject to state law provisions incorporated into bankruptcy cases. If a bankruptcy court lifts the automatic stay and permits a specific creditor to seize and liquidate property subject to a lien, creditors must obey all state law limitations on collection practices. For more information, see legal assistance for debtors. Also, all statutory provisions depend on conformity with the prohibition against fraudulent conversions creating exempt property.