Can I keep my house?
In the state of Wisconsin, like most other states, there is a provision that exempts equity in the family home. While in some states, there is no limit to the amount of the exemption, in Wisconsin, the maximum amount of equity which is protected in bankruptcy is $75,000 ($150,000 for a married couple filing jointly). In addition, if you sell your home and intend to purchase another home with the proceeds of the sale, you may use the exemption to protect that money for up to two years after the sale. It is important, however, to consult with a qualified bankruptcy attorney as there are certain conditions that have to be met in order to be able to claim the homestead exemption. Contact our office to learn more.