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Printable Form Instructions 943 Wisconsin: What You Should Know

A. The purpose of bankruptcy is to provide a means to protect a party from certain detrimental conduct. B. Burdened debts cannot constitute grounds for bankruptcy. C. However, a qualified bankruptcy may be initiated to protect a minor's interests because of the presence of minor non-debts or because of the absence of property. D. A qualified bankruptcy may be initiated as a first bankruptcy for a person who has been the subject of a judicial order authorizing the filing of charges of criminal contempt, as set forth on Form 3.20. E. The trustee is authorized to receive and use certain property and documents for administrative purposes, without any additional compensation for its use except for reasonable expenses. F. The trustee is not required to pay interest, penalties, costs or expenses in connection with the administration of a qualified bankruptcy. G. Any interest paid to the trustee may be deducted in computing a debtor's annual income for taxation purposes. H. Unless the debtor fails to file a bankruptcy petition pursuant to paragraph F of the following table, all amounts required to be distributed under the bankruptcy or a trustee's distribution plan as of its effective date, as described in paragraph (b) of the following table, will be allocated under the distribution plan to the creditors of the debtor, which distributions are made in accordance with Section 948.05 of the Wisconsin Governmental Disclosure Act. The trustee shall not make distributions that exceed an amount equal to 2 percent of the aggregate gross assets of the estate of the debtor, as of its effective date. The trustee may determine the amount of distributions required by its distribution plan for a particular debtor based on the debtor or any specific category of debtor if a specific calculation is established by the trustee on behalf of a particular category of debtor. I. The trustee shall not distribute any amount attributable to debts, other than a debt to which Section 8 of this chapter applies, if the terms of the debt require the payment, prior to the discharge, of a debt secured by any property or interest in property the debtor controls, unless such security is secured by actual title to those properties or interests. J. No deduction shall be permitted in computing a debtor's estate for any tax, penalty or other amount on account of the bankruptcy for any period before or after the commencement of the bankruptcy. K. For purposes of this section, property or interest in property includes, but is not limited to, money deposits and loans.

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