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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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HOMESTEAD
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Real property or an apartment to an unlimited value; property cannot
exceed ½ acre in town or city, 40 acres elsewhere
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499A.18, 561.2, 561.16
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| |
May record homestead declaration
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561.4
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INSURANCE
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Accident, disability, health, illness or life proceeds or avails to
$15,000, paid to surviving spouse, child or other dependent
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627.6(6)
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Employee group insurance policy or proceeds
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50-.12
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Life insurance proceeds to $10,000, acquired within 2 years of filing
for bankruptcy, paid to spouse, child or other dependent
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627.6(6)
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Life insurance proceeds if clause prohibits proceeds from being used
to pay beneficiary’s creditors
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508-32
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MISC.
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Alimony, child support needed for support
|
627-6(8)(d)
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| |
Liquor licenses
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123.38
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| |
Property of business partnership
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544.25
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PENSIONS
also see wages
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Disabled firefighters, police officers (only payments being received)
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410.11
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| |
Federal government pension (only payments being received)
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627.8
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Firefighters
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411.13
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| |
Peace officers
|
97A.12
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Police officers
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411.13
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| |
Public employees
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97B.39
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| |
Other pensions needed for support (only payments being received)
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627.6(8)(e)
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PERSONAL PROPERTY
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Appliances, furnishings and household goods to $2,000 total
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627.6(5)
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Bibles, books, portraits, pictures and paintings to $1,000 total
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627.6(3)
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Burial plot to 1 acre
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627.6(4)
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Clothing to $1,000 plus receptacles to hold clothing
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627.6(1)
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Health aids
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627.6(7)
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| |
Motor vehicle, musical instruments and tax refund to $5,000 total, no
more than $1,000 from tax refund
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627.6(9)
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Rifle, musket; shotgun
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627.6(2)
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Wedding or engagement rings
|
627.6(1)
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PUBLIC BENEFITS
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Adopted child assistance
|
627.19
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| |
AFDC
|
627.6(8)(a)
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| |
Local public assistance
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627.6(8)(a)
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| |
Social security
|
627.6(8)(a)
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Unemployment compensation
|
627.6(8)(a)
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Veterans’ benefits
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627.6(8)(b)
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Workers’ compensation
|
627.13
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TOOLS OF TRADE
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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)
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| |
Non-farming equipment to $10,000 (can’t include car, In re Van
Pelt, 83 B.R. 617 (S.D. Iowa 1987) )
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627.6(10)
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WAGES
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Minimum 75% of earned but unpaid wages, pension payments; bankruptcy
judge may authorize more for low-income debtors
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642.21
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WILD CARD
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$100 of any personal property, including cash
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627.6(13)
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