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Iowa State Bankruptcy Exemptions |
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Iowa State Bankruptcy Exemptions |
| ASSET | EXEMPTION | LAW PROVISION |
| 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 |
| May record homestead declaration | 561.4 | |
| INSURANCE | 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 | |
| MISCELLANEOUS | Alimony, child support needed for support | 627-6(8)(d) |
| Liquor licenses | 123.38 | |
| Property of business partnership | 544.25 | |
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PENSIONS also see wages |
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 | |
| Other pensions needed for support (only payments being received) | 627.6(8)(e) | |
| 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) | |
| 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 | |
| TOOLS OF 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) |
Thursday January 12, 2006