815.18 Property exempt from execution.

1,084 words·~5 min read·/wi/chapter-815/815-18-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Statutory construction. This section shall be construed to secure its full benefit to debtors and to advance the humane purpose of preserving to debtors and their dependents the means of obtaining a livelihood, the enjoyment of property necessary to sustain life and the opportunity to avoid becoming public charges.

(2)Definitions. In this section:

(a)“Aggregate value” means the sum total of the debtor’s equity in the property claimed exempt.

(am)“Annuity” means a series of payments payable during the life of the annuitant or during a specific period.

(b)“Business” means any lawful activity, including a farm operation, conducted primarily for the purchase, sale, lease or rental of property, for the manufacturing, processing or marketing of property, or for the sale of services.

(bc)“Closely held business” means a corporation whose stocks are held by not more than 25 individuals, a partnership of not more than 25 partners who are individuals, or a limited liability company of not more than 25 members who are individuals.

(c)“Debtor” means an individual. “Debtor” does not include an association, a corporation, a partnership, a cooperative, an unincorporated cooperative association, or a political body.

(d)“Dependent” means any individual, including a spouse, who requires and is actually receiving substantial support and maintenance from the debtor.

(e)“Depository account” means a certificate of deposit, demand, negotiated order of withdrawal, savings, share, time or like account maintained with a bank, credit union, insurance company, savings bank, savings and loan association, securities broker or dealer or like organization. “Depository account” does not include a safe deposit box or property deposited in a safe deposit box.

(f)“Equipment” means goods used or bought for use primarily in a business, including farming and a profession.

(g)“Equity” means the fair market value of the debtor’s interest in property, less the valid liens on that property.

(h)“Exempt” means free from any lien obtained by judicial proceedings and is not liable to seizure or sale on execution or on any provisional or final process issued from any court, or any proceedings in aid of court process.

(i)“Farm products” has the meaning given under s. 409.102

(ig).

(j)“Inventory” has the meaning given under s. 409.102

(Ls).

(k)“Life insurance” means a policy issued by a stock or mutual life insurance company or by any mutual beneficiary or fraternal corporation, society, order or association to insure the life of an individual.

(m)“Motor vehicle” means a self-propelled vehicle. “Motor vehicle” does not include equipment.

(n)“Net income” means gross receipts paid or payable for personal services or derived from rents, dividends or interest less federal and state tax deductions required by law to be withheld.

(r)“Resident” means an individual who intends to maintain his or her principal dwelling in this state.

(t)“To the extent reasonably necessary for the support of the debtor and the debtor’s dependents” means what the court determines is required to meet the present and anticipated needs of the debtor and the debtor’s dependents, after consideration of the debtor’s responsibilities, and the debtor’s present and anticipated income and property, including exempt property.

(3)Exempt property. The debtor’s interest in or right to receive the following property is exempt, except as specifically provided in this section and ss. 71.91

(5m)and

(6)and 102.28

(5):

(a)Provisions for burial. Cemetery lots, aboveground burial facilities, burial monuments, tombstones, coffins, cremation urns, urn vaults, outer burial containers, or other articles for the burial of the dead owned by the debtor and intended for the burial of the debtor or the debtor’s family.

(b)Business and farm property.

1. Equipment, inventory, farm products, and professional books used in the business of the debtor or the business of a dependent of the debtor, not to exceed $15,000 in aggregate value.

2. If the debtor does not claim an exemption under subd. 1. , any interest of the debtor, not to exceed $15,000 in aggregate value, in a closely held business that employs the debtor or in whose business the debtor is actively involved.

(c)Child support, family support or maintenance payments. Alimony, child support, family support, maintenance or separate maintenance payments to the extent reasonably necessary for the support of the debtor and the debtor’s dependents.

(d)Consumer goods. Household goods and furnishings, wearing apparel, keepsakes, jewelry and other articles of personal adornment, appliances, books, musical instruments, firearms, sporting goods, animals, or other tangible personal property held primarily for the personal, family or household use of the debtor or a dependent of the debtor, not to exceed $12,000 in aggregate value.

(df)County fairs and agricultural societies. All sums paid as state aid under s. 93.23

(1)to county fairs and agricultural societies.

(ds)Federal disability insurance benefits. All moneys received or receivable by a person as federal disability insurance benefits under 42 USC 401 to 433 .

(e)Fire and casualty insurance. For a period of 2 years after the date of receipt, insurance proceeds on exempt property payable to and received by the debtor, if the exempt property has been destroyed or damaged by fire or casualty of any nature.

(ef)Fire and police pension fund. All money paid or ordered to be paid to any member of any fire or police department or to the surviving spouse or guardian of the minor child or children of a deceased or retired member of any such department, which money has been paid or ordered to be paid to any such person as a pension on account of the service of any person in any such department in any city in this state whose population exceeds 100,000.

(em)Fire engines and equipment. All fire engines, apparatus and equipment, including hose, hose carts and hooks and ladders, belonging to or which may hereafter belong to any town, city or village in this state, and which are or may be kept and used for the protection of property in such town, city or village from fire, together with the engine houses and hooks and ladder houses for the protection of the same, and the lot or lots on which such engine and hook and ladder houses may be situated, when owned by any such town, city or village; and any lot or lots owned, used and occupied by any such town, city or village for corporate purposes.

(f)Life insurance and annuities.

1. In this paragraph, “applicable date” means the earlier of the following: