Legal Question in Bankruptcy in Wisconsin

Yes, assuming that you can afford to make your loan payments secured by your car and house, you can usually keep them in a chapter 7 bankruptcy. If the lenders own the better share of these assets by virtue of their security interests, you actually own very little of them. This means that your bankruptcy trustee usually would not be able to take very much away from you, since, in reality, you own very little of them. However, a properly perfected bank lien will survive bankruptcy, meaning that the bank can still take these things away from you if you default on your payments after bankruptcy. Even if you own these assets free and clear without much of a remaining bank loan, an experienced bankruptcy attorney can usually protect your interest from your chapter 7 trustee by carefully crafting your exemption claims. Free and clear vehicles worth less than roughly fourteen thousand dollars can often be protected in WI, depending upon what other assets you own, as well as up to $150,000 equity in the homestead of a married couple. Numerous other assets can also be protected in WI including up to ten thousand in cash bank accounts for a married couple, nearly unlimited pensions and IRA, and many others too numerous to mention here. You should therefore immediately schedule a private meeting with a bankruptcy lawyer as soon as possible. My answer here does mean that I am representing you, so be sure to consult your own attorney before deciding on what you should do, or contact my office at 262-633-3090, 333 Main St, Racine, WI 53403, during business hours if you desire formal representation. See me on the web at www.jayknixonlaw.com, or view over 15 years of my previous answers at http://www.lawguru.com/answers/atty_profile/view_attorney_profile/jknixonAttorney answers may contain advertising materials.