Iowa, IA Bankruptcy Exemptions

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The Essential Iowa Bankruptcy Information Guide

Iowa, IA Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Iowa Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Iowa Bankruptcy Exemptions

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

HOMESTEAD

Real property or apartment, unlimited in value, but cannot exceed 1/2 acre in a city or town, or 40 acres elsewhere.

499A.18, 561.2, 561.16

INSURANCE

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

627.6

Employee group insurance policy or proceeds

509.12

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

Fraternal benefit society benefit

512B.18

MISCELLANEOUS

Alimony, child support needed for support

627-6(8)(d)

Liquor licenses

123.38

PENSIONS

also see wages

Disabled firefighters, police officers (only payments being received)

410.11

Federal government pension

627.8

Firefighters

411.13

Peace officers

97A.12

Police officers

411.13

Public employees

97B.39

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

627.6

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

11 U.S.C. § 522

PERSONAL PROPERTY

Musical instruments, appliances, household furnishing, clothing and its storage containers as well as other personal property up to $7,000

627.6(5)

Bibles, books, portraits, pictures and paintings to $1,000 total

627.6(3)

Burial plot to 1 acre

627.6(4)

Health aids

627.6(7)

Motor vehicle up to $7,000

627.6

Rifle, musket; shotgun

627.6(2)

Wedding and engagement rings, if purchased after marriage or within the last 2 years there is a limit of $7,000

627.6

Jewelry up to $2,000

627.6

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

627.6

PUBLIC BENEFITS

Adopted child assistance

627.19

Aid to dependant children

239B.6

Any public assistance benefit

627.6

Social security

627.6(8)(a)

Unemployment compensation

627.6(8)(a)

Veterans’ benefits

627.6(8)(b)

Workers’ compensation

627.13

TOOLS OF TRADE

Farming equipment; includes livestock, feed to $10,000

627.6

Non-farming equipment to $10,000

627.6

WAGES

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%

642.21

Salary or wages of a prisoner

356.29

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