Exemptions Allowed Under The Iowa Bankruptcy Laws

Following are the types and the amount of the properties and various funds that are allowed for exemption, under the Iowa bankruptcy laws.

•You are allowed to use federal supplemental exemptions along with the Iowa specific exemptions.
•The great thing about the Iowa bankruptcy laws is that the homestead exemptions are allowed for an unlimited amount. You can exempt any real property or apartment that you own; no matter what is its value. However, the laws have put some restrictions on its area. If the properties are located in a town or city, you can exempt half acre only while 40 acres are allowed to be exempted for the properties located elsewhere.
•Disability benefits, health benefits, etc are allowed for exemption of up to fifteen hundred dollars.
•As per the Iowa bankruptcy laws, if you have acquired any life insurance policy within two years of filing the court petition for bankruptcy, you are allowed to exempt its proceeds for up to the amount of ten thousand dollars.
•Pension funds and benefits are allowed only for the following individuals:
◦Police officers
◦Disabled firefighters
◦Peace officers
◦Public employees
◦Federal government employees
•Furniture and other home appliances can be exempted for up to the amount of two thousand dollars in total.
•All types of books, family portraits, pictures, and paintings are exemptible under the Iowa bankruptcy laws, but only up to the amount of one thousand dollars in total.
•Wild card is also exemptible. This includes any personal property or cash of up to the value of hundred dollars.

Properties And Funds That Are Allowed To Be Exempted Under The Idaho Bankruptcy Laws

Following are the specific ways in which Idaho bankruptcy laws allow the bankrupt individuals to exempt various kinds of properties:

•For both single individuals and married couples, the properties exemptible under the homestead section amount up to fifty thousand dollars.
•If there are any properties that have not yet been occupied by the debtor, the person is supposed to record homestead exemption for such properties.
•Under the insurance exemptions of Idaho bankruptcy laws, you can exempt annuity contracts up to the value of three hundred and fifty dollars.
•Other exemptible funds and benefits under the insurance exemptions include all types of health and disability fund, fraternal benefits, society benefits, and life insurance proceeds.
•Under the Miscellaneous section of the Idaho bankruptcy laws, the exemptible funds and properties include all kinds of child support funds and any such properties that you are using for some partnership business.
•Pension funds are also exemptible under the Idaho bankruptcy laws but only for the following individuals:
◦Public employees
◦Firefighters
◦Police officers
•Sentimental heirlooms are also considered as exemptible, under the personal properties section, but only at the rate of five hundred dollars per item.
•Other personal properties like books, family pictures, clothing, pets etc are allowed to be exempted for up to five thousand dollars in total.
•Jewelry products are also exemptible under the Idaho bankruptcy laws up to the value of one thousand dollars.

Exemptions As Per The Hawaii Bankruptcy Laws

Following are the ways in which the exemptions for various properties and funds are interpreted, under the Hawaii bankruptcy laws.

•If you are the head of your family or if your age is 65 or more, you can exempt the homestead properties for up to the value of thirty thousand dollars. In other cases, only twenty thousand dollars are allowed in terms of homestead properties. In addition, the total area of the exempted homestead properties must not exceed one acre.
•Under the Hawaii bankruptcy laws, if you are a married couple and have some properties held as tenancy, you can also use the same for homestead exemptions, but you can use the exemptions only against the debts owed by one of the partners.
•Insurance funds and benefits that are exemptible include all types of disability benefits, proceeds, or policies of group life insurance, etc.
•The life insurance policy or the health insurance policy of your spouse or child or both is allowed for exemption, under the Hawaii bankruptcy laws.
•Properties that you are using under a partnership business are also exemptible under the miscellaneous properties category.
•Pension funds and benefits are exempted for following individuals.
◦Firefighters
◦Public officers and other employees
•If you are qualified for some ERISA benefits – the one that you deposited over three years before filing court petition for bankruptcy, you are allowed to exempt such funds under the Hawaii bankruptcy laws.
•Jewelry products are exempted for up to the value of one thousand dollars.
•Motor vehicles up to 2,575 dollars are also exemptible.
•No wild card properties can be exempted under the Hawaii bankruptcy laws.