Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Wisconsin.
Homestead: Property that the debtor occupies or intends to occupy up to $75,000. Sale proceeds exempt for 2 years from sale if debtor plans to obtain another home. Husband and wife may not double.
Pensions and Retirement Benefits: Private or public retirement benefits generally exempt for certain municipal employees; firefighters and police officers who worked in city with population over 100,000; military pensions and public employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. IRAs may be limited to amounts that are reasonably necessary for support of debtors and dependents, and are subject to many different types of liens and claims. Roth IRAs and regular IRAs up to $1,245,000 per person.
Insurance: Life insurance proceeds held in trust by insurer, if clause prohibits proceeds from being used to pay beneficiary's creditors. Life insurance policy or proceeds up to $5,000, if beneficiary is a married woman. Life insurance proceeds if beneficiary was a dependent of the insured, needed for support. Unmatured life insurance contract, except credit insurance contract, owned by debtor and insuring debtor, dependent of debtor or someone debtor is dependent on. Unmatured life insurance contract's accrued dividends, interest or loan value, up to $4,000 total in all contracts, if debtor owns contract and insured is debtor, dependent of debtor or someone debtor is dependent on. Fraternal society benefits. Federal disability benefits. Fire proceeds for destroyed exempt property for 2 years from receiving.
Personal Property: Deposit accounts up to $1,000. Burial provisions. Health aids. Household goods and furnishings, clothing, keepsakes, jewelry, appliances, books, musical instruments, firearms, sporting goods, animals and other tangible property held for personal, family or household use up to $12,000 total. Lost future earnings recoveries, needed for support. Motor vehicles up to $4,000.
Tools of Trade: Tools, equipment, inventory, farm products and professional books up to $15,000.
Miscellaneous: Business partnership property. Alimony. Child support needed for support.
Wages: Greater of 75% of wages earned but unpaid, or excess over 30 times the greater of state or federal minimum wage.
Public Benefits: Unemployment benefits. Workers' compensation. Veteran's benefits. AFDC and other social services payments.
Wild Card: None.