Iowa

From Bankruptcy Forum

Iowa Bankruptcy Exemptions

Homestead

499A.18 & 561.2 & 561.16 - Real property or apartment, unlimited in value, but cannot exceed 1/2 acre in a city or town, or 40 acres elsewhere.

Personal Property

627.6 - Motor vehicle up to $7,000; musical instruments, appliances, household furnishing, clothing and its storage containers as well as other personal property up to $7,000; books, pictures, paintings, portraits, and bibles up to $1,000 total; burial plot up to 1 acre; Jewelry up to $2,000; health aids; wedding and engagement rings, if purchased after marriage or within the last 2 years there is a limit of $7,000; rifle or musket; shotgun; residential utility or security deposits up to $500 or advance of rent; Wrongful death proceeds need for support; up to $100 of any other personal property including cash.

Wages

356.29 - Salary or wages of a prisoner.

642.21

Expected Annual Earnings Amount NOT exempt per year $0 to $12,000 $250 $12,000 to $16,000 $400 $16,000 to $24,000 $800 $24,000 to $35,000 $1,000 $35,000 to $50,000 $2,000 More than $50,000 10%

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

97A.12 - Peace officers.

97B.39 - Public employees.

410.11 - Disabled firefighters and police officers, but only for benefits being received.

411.13 - Police officers and firefighters.

627.6 - Other pensions, annuities and contracts are fully exempt, however, contributions that were made within the year prior to filing for bankruptcy.

627.8 - Federal government pension.

Public Benefits

239B.6 - Aid to dependant children.

627.6 - Unemployment compensation, Veterans' benefits, Social Security, and any public assistance benefit.

627.13 - Workers' compensation.

627.19 - Adopted child assistance.

Tools of Trade

627.6 - Nonfarming equipment up to $10,000; farming equipment, including livestock and feed, up to $10,000.

Alimony and Child Support

627.6 - Alimony and child support needed for support.

Insurance

508.32 - Life insurance proceeds if policy prohibits use to pay creditors.

509.12 - Employee group insurance policy or proceeds.

512B.18 - Fraternal benefit society benefit.

627.6 - Life insurance proceeds (up to $10,000 if acquired within 2 years prior to filing for bankruptcy) paid to spouse, child or other dependant; accident, disability, health, illness, or life proceeds; illness or disability benefits; proceeds from all matured accident, health, disability and life insurance policies upon the death of the insured up to $15,000 are exempted from beneficiary's debts incurred before the insured's death.

Misc.

123.38 - Liquor licenses.