Case Summary:
Complete liquidation of partnership assets is not required in order for winding up and termination of the partnership to occur.  Debtors, members of a terminated family farm partnership, each qualify as a "debtor" for purposes of Wisconsin's exemption statute.

Exemption rights are determined based on circumstances present at the time of filing of the bankruptcy petition.  Fact that debtors were engaged in farming at time of filing and have expressed a desire to continue doing so is sufficient to entitle them to an exemption in farm machinery.

Statue/Rule References:
Wis. Stat. § 815.18 – Exemptions

Key Terms:
Exemptions
Partnerships