Wisconsin law allows for a $40,000 dollar homestead exemption. So, if a homeowner has $40,000 or less of equity in his or her home and can make regular monthly mortgage payments then the homeowner is likely to keep the home even if the homeowner files for bankruptcy. If, however, the homeowner owns substantially more than $40,000 worth of equity in the home then the court may order that the home be sold and that the profits in excess of the mortgage amount, other secured liens and the homestead exemption amount be provided to unsecured creditors.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.