The exemptions listed below are general in nature. There may be limitations on the exemptions and when they apply. Consult an attorney in order to determine which exemptions apply to you:
General Property Exemptions in Iowa:
- Homestead - Unlimited Homestead in Iowa with regard to post acquisition debt (limited to ½ acre in a city and 40 acres outside a city). Post acquisition debt is incurred after you have acquired your homestead.
- Wedding ring or engagement ring up to $7,000.00 in value minus the amount claimed for all other jewelry.
- All other jewelry not to exceed $2,000.00 in value.
- One shotgun AND either one rifle OR one musket.
- Private libraries, family bibles, portraits, pictures, and paintings not to exceed $1,000.00 in value.
- An internment space or an interest in a public or private burying ground, not exceeding 1 acre.
- Wearing apparel, musical instruments, household furnishings, household goods including but not limited to: appliances, radios, television sets, record or tape playing machines, compact disc players, satellite dishes, cable television equipment, computers, software, printers, digital video disc players, video players, and cameras held primarily for the personal family, or household use not to exceed $7,000.00.
- The cash value of a life insurance policy if the beneficiary is a spouse, child, or dependent.
- Professionally prescribed health aids for the debtor or a dependent of the debtor.
- Rights in: a Social Security benefit, unemployment compensation, and any other public assistance benefit; a veteran's benefit; a disability or illness benefit; alimony, support, or separate maintenance to the extent reasonably necessary for support of the debtor and dependents of the debtor; a payment or a portion of a payment under a pension, annuity, or similar plan or contract on account of illness, disability, death, age or length of service.
- Individual Retirement accounts.
- Value of a motor vehicle not to exceed $7,000.00.
- $1,000.00 of accrued wages and income tax refunds.
- Tools of the trade up to $10,000.00.
- Farm implements etc. up to $10,000.00.
- Deposits with landlords and utility providers OR rent paid in advance up to $500.00.
- $1,000.00 in any cash on hand, bank deposits, other deposits, and any other personal property owned by the debtor.
- The debtor's interest in structured settlements, resulting from personal injury to the debtor or the debtor's dependents or the wrongful death of a decedent upon which the debtor or the debtor's dependents were dependents to the extent reasonably necessary for support of the debtor or the debtor's dependents.
General Property Exemptions in Illinois
- Homestead up to $15,000.00 per debtor.
- Necessary wearing apparel, bible, school books, and family pictures of the debtor and the debtor's dependents.
- $4,000.00 in any other property.
- Equity in a vehicle not to exceed $2,400.00.
- Tools of the trade $1,500.00.
- Professionally prescribed health aids.\
- All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, parent, or other person dependent on the insured.
- Debtor's right to receive a social security benefit, unemployment compensation, or public assistance benefit; a veteran's benefit, a disability benefit, illness or unemployment benefit, and alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependents of the debtor.
- Right to receive property traceable to: 1) an award under a crime victims reparation law; 2) payment on account of the wrongful death of an individual of whom the debtor was a dependent to the extent reasonably necessary for support and maintenance; 3) payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor or a dependent of the debtor; 4) a payment not to exceed $15,000.00 in value on account of personal bodily injury of the debtor or an individual of whom the debtor was a dependent; 5) any restitution payments made pursuant to the Civil Liberties Act of 1988 and the Aleutian and Pribilof Island Restitution Act.
- Money held in account invested with Illinois College Savings Pool with some limitations.
- Individual Retirement Plans.
At Buckrop & VanDeVelde our attorneys have a combined 37 years of experience! Our office is located in The Law Centre in downtown Rock Island, Illinois, just a short distance from both Iowa and Illinois federal courthouses. Our lawyers and professional staff proudly serve most clients throughout Western Illinois and Eastern Iowa. Call us toll free at 800-627-5704 or contact us by e-mail to arrange a free consultation with an experienced Rock Island bankruptcy attorney today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
