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  • Insert Name Here
    started a topic Exemptions Iowa

    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?

  • Betty3
    replied
    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

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  • Betty3
    replied
    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.

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