What assets are exempt or excluded from bankruptcy?

There is a federal list and each state has a list. A state may require its residents to choose only the state's exemptions. If it has not enacted that limitation, then a state resident can use one list or the other (but not some from each). If the debtor chooses state exemptions, he may also make use of any applicable non-bankruptcy exemptions, even under federal law. The Wisconsin list is found at sec. 815.18 and 815.20 of the Wisconsin Statutes. You can get it online. The federal bankruptcy exemptions are found in 11 U.S.C. sec. 522(d).

Do a Google search of your state exemptions.

This is not a simple question. State law determines what assets are eligible, but to use the state laws, you need to have lived in the state for more than 2 years. To claim the maximum amount of equity in a homestead allowed under state laws also requires that you have owned the house for more than 1215 days, which is over 3 years. In Nevada, the exemption laws are mostly contained in NRS 21.090. Other exemptions less widely used, such as for workers compensation benefits, are scattered throughout the NRS.

Bankruptcy exemptions vary by state. In Ohio, the most commonly used exemptions are:-Homestead exemption for a residence-Motor vehicle exemption-Retirement plan exemption - IRA, 401(k), pension, etc.-Social security exemption-Veterans benefit exemption-Household goods exemption-Cash on hand exemption-Life insurance exemption Some exemptions are unlimited but most of limited dollar amounts - the motor vehicle exemption is limited to a junker ($3,775 - you won't find any of the state's lawmakers risking the lives of their family members in an rickety vehicle like this) - but the social security exemption is unlimited.

This answer depends on what exemptions are available to the debtor under the bankruptcy code. Every state either offers their own exemptions or the federal exemptions (or both). Michigan offers the state exemptions and federal exemptions. You would want to look them up to determine which set of rules works better for your situation.