When filing for bankruptcy, list all assets with realistic values to maximize protection under exemption laws. Accurate disclosure safeguards your assets and peace of mind.
When filing for bankruptcy with Miller & Miller in Wisconsin, it’s essential to list all your assets along with their approximate values. For household items, avoid using replacement costs; instead, consider what you could realistically sell them for today, such as on Facebook Marketplace or Craigslist, rather than undervaluing with “garage sale” prices.
Accurate asset listing is vital because each item needs to be exempted to ensure it’s protected from the Chapter 7 trustee. Starting with the assumption that you won’t lose your household items, we ask that you disclose everything. Failing to do so could be viewed as fraud, potentially leading to objections to your bankruptcy discharge or even criminal prosecution.
Full transparency allows us to tell you, before filing, if there’s any risk of losing an asset. If we identify non-exempt items, we can pre-plan to protect them. By properly valuing and listing assets, we ensure they’re safeguarded under Wisconsin’s exemption laws, providing you peace of mind in the process. Please see a recent Miller Law Chronicles podcast where we talk about pre bankrutpcy planning and protecting assets.