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Today, Iowa bankruptcies and plagued with conflicts created by the
new reform amendments. Until late 2005, all state residents were
authorized to claim unlimited homestead value. With federal preemption
imposed by the new laws, Iowa bankruptcy exemption caps now limit value,
with state law limiting acreage. Many Iowa bankruptcy lawyers find these
new laws onerous, especially the new disposable income testing method
for qualification for Chapter 7 exemptions. These new Iowa bankruptcy
laws are based on the state median income and affect all people seeking
to discharge debts. For more information, contact an Iowa bankruptcy
attorney who is current with all recent amendments.
See also: Iowa Homestead Exemption.
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