Iowa STATE LAW

WAGE GARNISHMENT EXEMPTION:

– Federal law applies

MAXIMUM INTEREST RATE:

– Legal: 5%
– Judgment: 10%

STATUTE OF LIMITATIONS FOR ENFORCEMENT:

– Open Account (credit cards): 5 years
– Written Contract: 10 years
– Domestic Judgment: 10 (renewable)
– Foreign Judgment: 10 (renewable)

BAD CHECK LAW DAMAGES:

– Three times the check amount up to $500

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Iowa Code Annotated)

– Cannot claim federal exemptions, but can claim federal non–bankruptcy exemptions
– The State of Iowa exempts the property and income below from seizure by the bankruptcy court to pay creditors:

Real Estate:

– Real property or apartment used as residence, unlimited value; property cannot exceed one–half acre in town or city, 40 acres elsewhere [99A.18, 561.2, 561.16]

Personal property:

– Appliances, furnishings and household goods to $2,000 [627.6(5)]
– Books, bibles, paintings, pictures and portraits to $1,000 [627.6(3)]
– Burial plot to one acre [627.6(4)]
– Clothing and receptacles to hold clothing up to $1,000 [627.6(1)]
– Wedding or engagement rings up to $1,000 [627.6(1)]
– Farm equipment, including livestock and feed up to $10,000 [627.6(11)]
– Any personal property, including cash up to $100 [627.6(13)]
– Health aids, unlimited amount [627.6(7)]
– Motor vehicle, musical instruments, and tax refunds up to $5,000 total, with only $1,000 allowed for tax refunds [627.6(9)]
– Firearms, unlimited amount [627.6(2)]
– Non–farm business books, equipment and tools up to $10,000 [627.6(10)]

Insurance / Annuities:

– Accident, disability, health, illness or life proceeds to $15,000, if paid to surviving spouse, child or other dependent [627.6(6)]
– Employee group insurance policy or proceeds, unlimited amount [509.12]
– Life insurance proceeds to $10,000 if acquired within two years of filing bankruptcy and if paid to spouse, child or other dependent [627.6(6)]

Pensions / Retirement plans:

– Firefighters and police officers, payments being received [410.11]
– Firefighters and police officers, unlimited amount [411.13]
– Federal government pensions, payments being received [627.8]
– Public employees, unlimited amount [978.39]
– Other pensions, payments being received [627.6(8)(e)]

Public Benefits / Entitlements:

– Social Security, unlimited amount [627.6(8)(a)]
– Unemployment compensation, unlimited amount [627.6(8)(a)]
– Veterans' benefits, unlimited amount [627.6(8)(b)]
– Workers' compensation, unlimited amount [627.13]
– Adopted child assistance, unlimited amount [627.19]
– Aid to families with dependent children, unlimited amount [627.6(8)(1)]
– Disability or illness benefits, unlimited amount [627.6(8)(a)]
– Local public assistance, unlimited amount [627.6(8)(a)]

Wages:

– If annual wages are less than $12,000, then $250 for each judgment creditor
– If annual wages are $12,000 to $16,000, $400 for each judgment creditor
– If annual wages are $16,001 to $24,000, then $800 for each judgment creditor
– If annual wages are $24,001 to $35,000, then $1,500 for each judgment creditor
– If annual wages are $25,001 to $50,000, then $2,000 for each judgment creditor
– if annual wages are over $50,000, then 10% of expected earnings [642.21]

Miscellaneous:

– Alimony or child support, amount needed for support [627.6(8)(d)]
– liquor licenses, unlimited amount [123.38]
– business partnership property, unlimited amount [410.11]