Iowa Bankruptcy Exemptions

On this page you can find all of the exemptions for Iowa. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Apartment used as a principal residence
100%
Iowa Code §499A. 18
Homestead
Homestead of any person (persons living together as a single household unit may claim exemption once in the aggregate.)
1/2 acre including dwelling house and appurtenances if within city plat; otherwise, 40 acres including dwelling house and appurtenances (acreage may be enlarged if value is less than $500)
Iowa Code §§561.2, 561.16
Motor Vehicle
One motor vehicle
$7,000
Iowa Code § 627.6(9)
Wages / Wage Garnishment
Debtor's interest in accrued wages and state and federal tax refunds
$1,000 aggregate
Iowa Code §627.6(10)
Wages / Wage Garnishment
Disposable earnings (earnings less deductions required by law)
75% OR 40 times the federal minimum hourly wage per week WHICHEVER IS GREATER. NOTE: only the following amounts may be garnished during a calendar year Debtor’s expected Amount that can be annual earnings garnished in calendar year $12,000 or less - $250; $12,000 to $16,000 - $400; $16,000 to $24,000 - $800; $24,000 to $35,000 - $1,500; $35,000 to $50,000 - $2,000; $50,000 or more - 10% of expected earnings
Iowa Code §642.21, Iowa Code §537.5105 Iowa Code §627.6(10)
Wages / Wage Garnishment
Disposable earnings from others earned by farmer whose agricultural land is foreclosed upon
100% for 2 years after entry of deficiency judgment. (Earnings paid to debtor directly or indirectly by debtor are not exempt)
Iowa Code §627.6(13)
Insurance
Fraternal insurance benefits
same as provided in chapter 627
Iowa Code §512B.18
Insurance
Avails of life, accident, health or disability insurance policy
$15000 (applies to debts of beneficiary contracted prior to death of insured)
Iowa Code § 627.6(6)
Insurance
Benefit or indemnity paid under accident, health or disability insurance policy
100%
Iowa Code § 627.6(6)
Insurance
Group insurance benefits
same as provided in chapter 627
Iowa Code §§ 509.12, 509A.9
Insurance
Debtor's interest in life insurance policy payable to spouse, child or dependent of debtor (includes loan or cash surrender value and accrued dividends or interest)
100% ($10,000 for first 2 years of policy)
Iowa Code § 627.6(6)
Personal Property
Proceeds of wrongful death actions, including structured settlements
amount reasonably necessary for support of debtor or his/her dependents
Iowa Code §627.6 (16) Iowa Code § 633.336
Personal Property
Jewelry of debtor and debtor's dependents
$2,000 (plus wedding or engagement ring received prior to marriage)
Iowa Code §627.6(1)(b)
Personal Property
Bank deposits or other personal property
$1,000
Iowa Code §627.6(14)
Personal Property
Professionally-prescribed health aids
100%
Iowa Code § 627.6(7)
Personal Property
Household furnishings, musical instruments, goods & appliances held for personal, family or household use of debtor or dependents
$7,000 aggregate
Iowa Code § 627.6(5)
Personal Property
Burying ground or interment space
1 acre
Iowa Code § 627.6(4)
Personal Property
Libraries, family Bibles, portraits, pictures, musical instruments, and paintings not kept for sale
$1,000 aggregate
Iowa Code § 627.6(3)
Personal Property
1 shotgun and either 1 musket or 1 rifle
100%
Iowa Code §627.6(2)
Personal Property
Wedding ring received by debtor or dependents after marriage & within 2 years of execution
$7,000
Iowa Code § 627.6(1)(a)
Pensions / Retirement Accounts
Retirement, accident and disability--Iowa Dept. of Publ. Safety
100%
Iowa Code § 97A. 12
Pensions / Retirement Accounts
Public employees retirement benefits
100%
Iowa Code § 97B.39
Pensions / Retirement Accounts
Pension benefits of policemen and firemen
100%
Iowa Code §§411.13,410.11
Pensions / Retirement Accounts
United States Government pension benefits
100% (includes homestead purchased with pension money)
Iowa Code §§627.8, 627.9
Pensions / Retirement Accounts
Contributions to and assets of ERISA- qualified retirement plans, and SEPs, Keogh Plans, IRAs, Roth IRAs, and similar plans or accounts
100% of contributions (See statute for limitations on exemption for earnings and increases on contributions
Iowa Code § 627.6(8)(f)
Pensions / Retirement Accounts
Debtor's right to payments under pension, annuity or similar plan or contract on account of illness, death, age or length of service
100% (payments resulting from excessive personal contributions within previous year are not exempt)
Iowa Code § 627.6(8)(e)
Tools of the Trade
Implements, equipment, livestock and livestock feed, if reasonably related to normal farming operation
$10000 (debtor must be engaged in farming)
Iowa Code §627.6(12)
Tools of the Trade
Implements, professional books, or tools of trade of nonfarmer debtor and dependents
$10,000
Iowa Code § 627.6(11)
Tools of the Trade
National Guard and State Guard equipment owned by members
no monetary limit
Iowa Code §§ 29A.41, 29A.70
Public Benefits
Unemployment compensation benefits
100%
Iowa Code §96.15
Public Benefits
Assistance for adopted children
100%
Iowa Code §627.19
Public Benefits
Worker's Compensation benefits
100% (support claims excepted)
Iowa Code § 627.13
Public Benefits
Debtor's rights in Social Security unemployment compensation, any public assistance benefits, veterans benefits, or disability or illness benefits
100%
Iowa Code § 627.6(8)(a),(b),(c)
Miscellaneous
Specific partnership property
100% of partner's interest
Iowa Code § 486A.203
Miscellaneous
Residential rent or utility deposits or advance residential rent payments
$500
Iowa Code § 627.6(15)
Miscellaneous
Debtor's rights to alimony, support or separate maintenance
Amount reasonably necessary to support debtor & dependents
Iowa Code § 627.6(8)(d)
Miscellaneous
Public property necessary for carrying out purpose of publ. corp.
100%
Iowa Code § 627.18
Miscellaneous
Liquor licenses
100%
Iowa Code § 123.38
Miscellaneous
Payments under family investment program (aid to dependant children)
100%
Iowa Code § 239B.6

If you want to learn more about filing bankruptcy in Iowa please visit our FAQ Page or for more information about Iowa you can visit the Iowa section.