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Iowa Bankruptcy Exemptions

Federal Supplemental Exemptions can be used in conjunction with your Iowa exemptions and can be viewed here.

In Iowa, you may choose to use the Federal Exemption set instead of your state exemptions.

You may also want to visit your local federal bankruptcy court web site:

Also see Iowa bankruptcy forms.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

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

MISC.

Alimony, child support needed for support

627-6(8)(d)

 

Liquor licenses

123.38

 

Property of business partnership

544.25

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)