Legal Question in Bankruptcy in Wisconsin

Re: What constitutes assets in bankruptcy as a student

It doesn't matter if you are a student or a senior citizen or disabled or an illegal alien or from outer space or from a politically favored or disfavored class. All assets have to be disclosed in a bankruptcy - every one. The law then allows certain property to be exempted (which means you can keep them). Although specific items allowed vary by state, most allow at least $2K in household goods, including your stereo and CD collection and a car worth $2K more or less (valued after the balance owed against it). You don't have to be specific about individual items, but you do have to cover all categories of property. If you have property that is not exempt, the trustee will usually sell it back to you.