Legal Question in Bankruptcy in Wisconsin

Yes, any asset which is not claimed as exempt in your bankruptcy paperwork will be taken over by the trustee and sold in order to pay creditors, provided that it is valuable enough to be worth the trouble. When I was a trustee in the 1990�s, the threshold value was around $5000 of value in excess of any exemption claims, liens and likely sales expenses, but I suspect that this threshold value is even higher these days. Therefore, if it is worth more than that and not properly claimed as exempt by his attorney, your husband may forfeit his ownership interest in a multi-owner farm. There is a federal exemption known as the "wildcard" which can cover non-homestead real estate, as well as many other exemptions which are available to WI debtors which cover equity in one�s home (up to certain value limits) and most types of personal property owned by middle class debtors under both state and federal law. The federal wildcard exemption allows one exempt and retain roughly $9000 of unused homestead exemption in order to keep cash or any other asset (if you don't have that much cash), including real estate. I cannot specifically advise you if this will work in your husband's case because I do not know the values of the property in questions as well as the values of all of your other assets. You therefore have an extreme need for representation by an experienced WI bankruptcy lawyer in this case. My comments here are not legal advice and are intended for public educational purposes only. My comments do not create any attorney client relationship between us or prevent me from representing conflicting parties in your case. If you wish, however, you are more than welcome to contact my office and make financial arrangements to retain me. Good luck!