Using Exemptions Wisely
Illinois and Wisconsin both offer a variety of exemptions – that means property you can keep even though you are filing a bankruptcy case. In Wisconsin, you have the choice of using either Wisconsin state exemptions or Federal Exemptions. In Illinois, you can only use Illinois exemptions. In either case, you must have lived in the state for 2 years to use the state’s exemptions. Tell us where you lived in the past. We need to know in order to select the correct exemptions for you.
We will analyze your property and the available exemptions to make sure that you take as many exemptions as you are legally permitted. Exemption planning is permitted. A famous case regarding exemption planning tells us that “pigs get rich – hogs get slaughtered.”