Iowa Bankruptcy Exemptions

The chart below contains a summary of Iowa state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Iowa bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Iowa Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSETEXEMPTIONLAW
Iowa HomesteadReal property or an apartment for an unlimited amount (property cannot exceed one-half acre in town or city, 40 acres elsewhere). Note: Husband and wife may not double.499A.18, 561.2; 561.16
WagesIf expected annual earnings are $0-12,000, all except $250/year. If expected annual earnings are $12,000-16,000, all except $400/year. If expected annual earnings are $16,000-24,000, all except $800/year. If expected annual earnings are $24,000-35,000, all except $1,500/year. If expected annual earnings are $35,000-50,000, all except $2,000/year. If expected annual earnings are more than $50,000, all except 10%/year.
Note: Not exempt from spousal or child support.
60-2310
AutomobileUp to $7,000627.6(9)
Other propertyDisability or illness benefits627.6(8)(c)
Alimony and child support needed for support627.6(8)(d)
Clothing/storage containers, household furnishings, appliances, musical instruments, and other personal property up to $7,000627.6(5)
Jewelry up to $2,000627.6(A)(1)(b)
Burial plot to one acre627.6(4)
Farming equipment (including livestock and feed) up to $10,000627.6(12)
Wildcard$1,000 of any personal property (including cash)627.6(14)

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Iowa bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Iowa bankruptcy exemptions laws.

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