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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