Iowa State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Iowa law provides a number of exemptions that protect your
property, and your attorney will be able to advise you on which exemptions are
best for you.
Homestead
½ acre including dwelling house (if in city); otherwise, 40 acres
including dwelling house.
Wages
40 times the federal minimum wage.
Automobiles
No specific automobile exemption.
Other Property
$1,000 worth of clothing; books, bibles, pictures, musical instruments,
and paintings up to $1,000 in the aggregate; household furnishings,
goods, and appliances up to $2,000 in the aggregate; implements,
professional books, and tools of the trade of the debtor or a dependent of the
debtor up to $10,000 in the aggregate; and for farmers, tools,
equipment, and livestock up to $10,000 in the aggregate.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete Iowa bankruptcy exemptions
here
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