Bankruptcy Tutor
A debtor is generally permitted an exemption of certain personal or real property in the enforcement of a judgment against him or in a bankruptcy proceeding under state laws or federal laws.
Under the laws of Iowa, the homestead of every person is generally exempt from judicial sale. (Iowa Code Section 561.16.)
Other general exemptions may include:
wearing apparel of the debtor and his dependents, $1,000,
household furniture and furnishings, $2,000,
Musical instrument, automobile, $1,000 accrued wages, tax returns, $5,000,
burying ground,
Cash on hand, $100,
cash value in life insurance polices,
Books, bibles, pictures, $1,000,
Rent and utility deposits except as against a landlord or a utility company $500,
Farm implements, livestock and feed, $10,000,
Tools of trade for non farmers $10,000,
Health of disability insurance, $15,000,
Life insurance proceeds, $10,000,
pension, and public benefits.
Each of the prescribed exemptions may be limited to certain amount in value. (Iowa Code Sections 627.1 et seq.)
Under the laws of Iowa, the homestead of every person is generally exempt from judicial sale. (Iowa Code Section 561.16.)
Other general exemptions may include:
wearing apparel of the debtor and his dependents, $1,000,
household furniture and furnishings, $2,000,
Musical instrument, automobile, $1,000 accrued wages, tax returns, $5,000,
burying ground,
Cash on hand, $100,
cash value in life insurance polices,
Books, bibles, pictures, $1,000,
Rent and utility deposits except as against a landlord or a utility company $500,
Farm implements, livestock and feed, $10,000,
Tools of trade for non farmers $10,000,
Health of disability insurance, $15,000,
Life insurance proceeds, $10,000,
pension, and public benefits.
Each of the prescribed exemptions may be limited to certain amount in value. (Iowa Code Sections 627.1 et seq.)
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