In most states, you are required to use the state's set of exemptions when filing for bankruptcy. In Wisconsin, however, there is a larger set of exemptions available.
As an experienced Chippewa Falls Chapter 7 and Chapter 13 bankruptcy attorney, Russell Nicolet knows how to file for bankruptcy. As a respected lawyer in western Wisconsin, attorney Nicolet works diligently to find the best possible outcome for you and your case.
State vs. Federal Exemptions
An exemption is an amount set by state or federal lawmakers that mandates which items a person gets to keep during a bankruptcy. If you own property and its valued amount is equal to or less than that of the exemption amount, you will not lose that asset.
Figuring out how to file bankruptcy in Wisconsin can induce headaches. You have two options. You can opt to use either the state exemptions or replace those with that of the federal exemptions. There are also additional exemptions available on the federal level that you can use in conjunction with the state exemptions.
Choosing an experienced Eau Claire attorney for filing bankruptcy can prevent headaches and speed the process along.
There are certain advantages when choosing between federal and state bankruptcy exemptions. For example Wisconsin State Exemptions can be extremely helpful for protecting your home, while Federal Exemptions can be helpful for protecting your tax returns while still protecting homes with lower equity values.
These laws are not always clear cut and change often. Deciding which exemptions are best for you can be overwhelming. It's important to know your options before you file. At Nicolet Law Office, S.C., we walk you through each step and explain what they mean. Our experienced legal staff knows how to protect your assets.
Russell Nicolet is passionate about his bankruptcy practice because of the reward in helping people in need.
Contact Us
Russell Nicolet arms himself with knowledge and experience as he helps many individuals and multimillion-dollar businesses navigate the legal issues of a Wisconsin bankruptcy. Call 715-598-4659 or 800-519-0874 for a free consultation, or fill out our contact form for more information. We offer flat-fee bankruptcy, payment plans and reasonable fees.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
