Bankruptcy offers you a fresh start when you are overwhelmed by debt. Most of your debts are discharged or wiped out, or you pay them off over time according to a schedule and budget. Property that is not covered by an exemption may be taken by the bankruptcy trustee or sold to pay some of your creditors. However, most of your possessions and assets will be protected under the property exemptions law. If property is exempt, it cannot be used to pay your creditor's claims.
Generally, Iowa exemption law allows you to retain nearly all of your possessions, including:
- one motor vehicle for each person (2 for married persons)
- the house you live in (but you must keep making payments)
- retirement savings, 401K, IRA, IPERS, and the like
- household goods and furnishings
- one rifle, and one shotgun per person
- most other personal possessions
Call for an appointment with McKelvie Law Office to discuss the individual circumstances of your case.