Iowa Bankruptcy Exemption List

Only State Exemption List Allowed

The State of Iowa has constructed a state bankruptcy exemption list. In the state or Iowa, you do not have a choice to use the federal exemption list; you must choose the Iowa exemption list. The exemption list was developed to allow you to keep certain assets and personal property, even after you complete bankruptcy.

An Iowa Bankruptcy Attorney should be contacted prior to filing Chapter 7 or Chapter 13 Bankruptcy to determine what exemptions you may be allowed. In certain states, you may have additional federal supplemental exemptions if you use the state exemption list. There may be some residency requirements which should be discussed with a bankruptcy attorney. Certain assets may not have a corresponding exemption on the list.

Exemptions	Exemption Amount	Statutes
Homestead	Real property or an apartment to an unlimited value; property cannot exceed ½ acre in town or city, 40 acres elsewhere	499A.18, 561.2, 561.16
Miscellaneous	Alimony, child support needed for support	627-6(8)(d)
	Liquor licenses	123.38
Insurance	Property of business partnership	544.25
	Accident, disability, health, illness or life proceeds or avails to $15,000, paid to surviving spouse, child or other dependent	627.6(6)
	Employee group insurance policy or proceeds	50-.12
	Life insurance proceeds to $10,000, acquired within 2 years of filing for bankruptcy, paid to spouse, child or other dependent	627.6(6)
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	508-32
Tools of the Trade	Farming equipment; includes livestock, feed to $10,000 (can’t include car, In re Van Pelt, 83 B.R. 617 (S.D.IOWA 1987) )	627.6(11)
	Non-farming equipment to $10,000 (can’t include car, In re Van Pelt, 83 B.R. 617 (S.D. Iowa 1987) )	627.6(10)
Wages	Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors	642.21
Wild Card	$100 of any personal property, including cash	627.6(13)
Public Benefits	Adopted child assistance	627.19
	AFDC	627.6(8)(a)
	Local public assistance	627.6(8)(a)
	Social security	627.6(8)(a)
	Unemployment compensation	627.6(8)(a)
	Veterans’ benefits	627.6(8)(b)
	Workers’ compensation	627.13
Personal Property	Appliances, furnishings and household goods to $2,000 total	627.6(5)
	Bibles, books, portraits, pictures and paintings to $1,000 total	627.6(3)
	Burial plot to 1 acre	627.6(4)
	Clothing to $1,000 plus receptacles to hold clothing	627.6(1)
	Health aids	627.6(7)
	Motor vehicle, musical instruments and tax refund to $5,000 total, no more than $1,000 from tax refund	627.6(9)
	Rifle, musket; shotgun	627.6(2)
	Wedding or engagement rings	627.6(1)
Pensions	Disabled firefighters, police officers (only payments being received)	410.11
	Federal government pension (only payments being received)	627.8
	Firefighters	411.13
	Peace officers	97A.12
	Police officers	411.13
	Public employees	97B.39