NCJ Number
124401
Date Published
1990
Length
27 pages
Annotation
This information memorandum describes the 1989 Wisconsin Act 278, relating to property exempt from execution, which takes effect on May 4, 1990.
Abstract
Background information defines "execution" as "a method by which a judgement creditor (a person who has obtained a judgement in a civil action) may enforce a judgement requiring the payment of money or the delivery of property." After reviewing execution exemptions under the Wisconsin Consumer Act and Federal Bankruptcy Law, this paper describes the Act. The purpose of the legislation is to ensure that debtors and their dependents retain the means of obtaining a livelihood, the enjoyment of property necessary to sustain life, and the opportunity to avoid becoming public charges. The areas where exemptions from execution are provided encompass provision for burial; business and farm property; child support, family support or maintenance payments; consumer goods; fire and casualty insurance; life insurance; motor vehicles; net income; life insurance claims, personal injury, or wrongful death claims; retirement benefits; and depository accounts. Other aspects of the law discussed are tracing, the availability of exemptions, claiming exemptions, valuation of property, marital property rights, and partially exempt property. Also discussed are fraudulent transfers, consumer credit transaction exemptions, limitations on exemptions, and the homestead exemption.