Iowa State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Iowa law provides a number of exemptions that protect your property, and your Iowa TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
½ acre including dwelling house (if in city); otherwise, 40 acres including dwelling house.
Wages
40 times the federal minimum wage.
Automobiles
No specific automobile exemption.
Other Property
$1,000 worth of clothing; books, bibles, pictures, musical instruments, and paintings up to $1,000 in the aggregate; household furnishings, goods, and appliances up to $2,000 in the aggregate; implements, professional books, and tools of the trade of the debtor or a dependent of the debtor up to $10,000 in the aggregate; and for farmers, tools, equipment, and livestock up to $10,000 in the aggregate.
» Read the complete Iowa bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.