|
State residents may claim the Iowa homestead exemption law in Chapter
7 bankruptcy cases, without limitation on value, but to include no more
than one-half acre of land in a town or city, or 40 total contiguous
rural acres. Nevertheless, despite the state statute, federal law now
preempts the Iowa Homestead Exemption Act and establishes a cap for
maximum homestead value in the amount of $125,000.
To claim this exemption in federal court, the Iowa homestead
exemption form is insufficient, and debtors must use the federal
exemption claim form H and file the form with the clerk of the Iowa
bankruptcy court.
|
