Iowa has exemptions of personal and real property you can keep in a bankruptcy. This is the property you keep.
If you have pledged the property to a creditor such as e mortgage or car loan, then you have the choice of keeping the property by paying the debt or surrendering the property.
Generally, you keep all your household goods, clothing ,furniture and food.You can keep one car per person as long as the equity does not exceed $7000. There are exemptions for tax refunds, wages cash and retirement accounts. Think of your household as an underwater ship. Bankruptcy is intended to put your ship intact and back at water level. Contact us today with any questions!
