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| UNITED STATES BANKRUPTCY COURTS | |||||||||
| State Of Iowa | |||||||||
| Exemptions Are Illustrated Below Courts | |||||||||
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| Eighth
Circuit Court of Appeals Iowa Northern District Court Iowa Southern District Court |
| Exemptions:
A debtor is generally permitted an exemption of certain personal or real property in the enforcement of a judgment against him or in a bankruptcy proceeding under state laws or federal laws. Under the laws of Iowa, the homestead of every person is generally exempt from judicial sale. (Iowa Code Section 561.16.) Other general exemptions may include wearing apparel of the debtor and his dependents, household furniture and furnishings, automobile, burying ground, cash value in life insurance polices, pension, and public benefits. Each of the prescribed exemptions may be limited to certain amount in value. (Iowa Code Sections 627.1 et seq.) In a bankruptcy proceeding, although the federal statute permits election of exemptions provided under state laws or federal laws, the State of Iowa specifically precludes such election. (Iowa Code Section 627.10.) This means that a resident of Iowa may only claim exemption of such property and to the extent as permitted under Sections 627.1 et seq. of the Iowa Code even if the exemption provided under the federal Bankruptcy Code may be more beneficial to the debtor. |
| Links to Iowa laws, government agencies, and organizations are included here. Always discuss actual cases with your actual legal advisor or legal department. The Iowa State Bar Association is linked here. |
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