Legal Question in Bankruptcy in Wisconsin

.If you have anything to lose, such as a home or a pension, it is usually a bad idea for only one spouse to file bankruptcy in WI or in any other marital property state for that matter, assuming that you are subject to the marital property act and do not have a prenuptial or other agreement removing you from its provisions which was served upon your creditors in a timely fashion. The reason why single spouse filings are a bad idea is that the nonfiling spouse would not be a debtor under the bankruptcy code and would therefore be unable to take advantage of exemption laws which might otherwise allow the couple to hang onto some of their assets. You truly need experienced bankruptcy counsel if you or your husband own a home worth $125, because you could easily lose it if things are not done correctly. However, if your case is properly prepared and planned, it is sometimes possible to save a home in that that price range and retain it after the bankruptcy. Please remember that I am not yet your attorney and will not be taking any action on your case, but you are still welcome to contact me during business hours at my in Racine if you still have more questions. Also, please see me on the web at www.jayknixonlaw.com, or, to read 15 years of my prior answers to consumer legal questions arranged by topic, please go to http://www.lawguru.com/answers/search/attorney/jknixon. Answers may contain attorney advertising materials.