Iowa Bankruptcy Exemptions
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. Husband and wife may not double.
561.4 - Homestead declaration may be recorded.
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 $1,000 of any other personal property including cash.
356.29 - Salary or wages of a prisoner.
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%
Not exempt from child or spousal support.
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 are not exempt; retirement plans, Roth IRAs, IRAs, ERISA-qualified benefits, and Keoghs.
627.8 - Federal government pension.
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.
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 incured before the insured's death.
123.38 - Liquor licenses.
Other - Add any applicable Federal Nonbankruptcy Exemptions
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All documents typed are prepared by Rica Gilmore.