Iowa Bankruptcy Exemption Information
One of the most important duties of a bankruptcy trustee is to assess debtors' property to determine if state bankruptcy laws qualify any of them for liquidation. Since Iowa laws will be different from those in other states, check our quick reference page to find Iowa bankruptcy exemptions.
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.
» Read the complete Iowa bankruptcy exemptions
here
» Back to Bankruptcy Laws In Your State