Wisconsin's homestead exemption under Wis. Stat. §815.20 protects a homeowner from forced sale by:
Correct Answer
B) Unsecured judgment creditors, up to $75,000 of home equity
Wisconsin's homestead exemption (Wis. Stat. §815.20) protects up to $75,000 of equity in a primary residence from forced sale by unsecured judgment creditors. This protection applies broadly to execution on judgments — not only in bankruptcy proceedings. The exemption does not protect against voluntary liens such as mortgage foreclosure, property tax liens, or mechanic's liens. The $75,000 figure is set by statute and is subject to legislative change.
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Related Topics & Key Terms
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Related Concepts
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
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