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  • Exemptions Iowa

    I have a friend who's in the process of filing for bankruptcy. They moved away from Iowa about a year ago & don't qualify for the new state's exemptions because they haven't been there for two years. Iowa disallows all exemptions except homestead for nonresidents & he doesn't own a house. Iowa also doesn't allow federal exemptions in any circumstances. Does this mean that he'll effectively have zero exemptions & lose everything if he continues filing for chapter 7?

  • #2
    If he is in the process of filing for bankruptcy & has moved, his best bet is to talk to a bankruptcy attorney. The bankruptcy rules have become more complicated since the new rules effective in 2005.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Here is a link your friend might want to read for informational/educational purposes. He really needs to talk to a bk attorney though.

      http://www.nolo.com/legal-encycloped...new-state.html
      Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

      Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

      Comment

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