Judgment Execution and Bankruptcy in Iowa
Your Iowa debt settlement attorney can and will advise you regarding the court judgment exemptions in the state of Iowa. Your attorney will tell you there are some things the creditor cannot “take” by way of execution of a judgment. There is an extensive list of these items in the Iowa state statutes. By enactment of laws exempting certain property from court judgment execution the State Legislature is trying to assure that a judgment debtor cannot be made completely destitute.
Moreover, the United States Federal Bankruptcy Code provides exemptions as to what can be taken from the debtor. The idea for these exemptions is the same as that regarding the exemption of certain items from execution under a court judgment.
The following is list of property exempted under the Bankruptcy
provisions of the state of Iowa as of 2009:
PROPERTY
Real property or an apartment to an unlimited value; property cannot exceed ½ acres in town or city, 40 acres elsewhere
Appliances, furnishings, and household goods to $2,000 total
Books, bibles portraits, pictures and paintings to $1,000 total
Burial plot to 1 acre
Clothing to $1,000 plus receptacles to hold clothing
Health aids
Motor vehicle, musical instruments and tax refund to $5,000 total, no more than $1,000 from tax refund
INSURANCE
Accident, disability, health, illness or life proceeds or avails to $15,000, paid to surviving spouse, child or other dependent
Employee group insurance policy or proceeds
Life insurance proceeds to $10,000, acquired 2 within years of filing , paid to spouse, child or other dependant
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors
PENSIONS
Firefighters
Police officers
Public employees
Other pensions needed for support (only payments being received)
WAGES
Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low income debtors
TOOLS OF TRADE
Farming equipment; includes livestock, feed to $10,000
Non-farming equipment to $10,000
Bankruptcy Courts:
U.S. Bankruptcy Court
P.O. Box 74890
Cedar Rapids, IA 52407
(319) 286-2200
U.S. Bankruptcy Court
U.S. Court house
320 Sixth Street
Sioux City, IA 51101
(712)0233-3939
U.S. Bankruptcy Court
U.S. Court house Annex
110 E. Court Avenue
Des Moines, IA 50309-2050
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