In a bankruptcy proceeding, a debtor in Wisconsin is entitled to certain statutory exemptions under state laws or federal laws, or both. Under the laws of Wisconsin, a homestead consists of the dwelling, including a building, condominium, mobile home, house trailer or cooperative, and so much of the land surrounding it as is reasonably necessary for use as a home, but not less than 0.25 acres, if available, and not exceeding 40 acre, within the limitation as to value under Sec. 815.20, except as to lien attaching or rights of devisees or heirs of person dying before the effective date of any increase of that limitation as to value. (Sec. 990.01(14).) The statutory homestead exemption allowed under Section 815.20 is $40,000.00 per household, except mortgages, laborers', mechanics' and purchase money liens and taxes.
Some of the personal property which may be exempt from execution, attachment, and garnishment may include:
- provisions for burial
- business and farm property not to exceed $7,500.00
- consumer goods not to exceed $5,000.00
- federal disability insurance benefits
- fire and casualty insurance
- unmatured life insurance on the life of the debtor or his dependent with an total combined interest not to exceed $4,000.00 in value
- motor vehicles not to exceed $1,200.00 in aggregate value
- life insurance claims
- personal injury recovery not to exceed $25,000.00
- retirement benefits
- and deposit accounts in the aggregate value of $1,000.00
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