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
For more information call us at 866-210-1722 or fill out the form below.

Contact Us Today

Price Law Group - Bankruptcy Attorney
Call Toll Free: 866.210.1722