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 |