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.
|Iowa Homestead||Real 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|
|Wages||If 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.
|Automobile||Up to $7,000||627.6(9)|
|Other property||Disability or illness benefits||627.6(8)(c)|
|Alimony and child support needed for support||627.6(8)(d)|
|Clothing/storage containers, household furnishings, appliances, musical instruments, and other personal property up to $7,000||627.6(5)|
|Jewelry up to $2,000||627.6(A)(1)(b)|
|Burial plot to one acre||627.6(4)|
|Farming equipment (including livestock and feed) up to $10,000||627.6(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.