What type of property can I keep after filing for Chapter 7 Bankruptcy?

Filing for Chapter 7 Bankruptcy in Iowa can provide much needed relief from debt. However, it is important to know what property you can keep after filing. Iowa offers exemptions for certain kinds of property; any property that is not exempt may be taken and sold to help repay creditors. Exempt property includes real estate up to $25,000 in value, personal property up to $2,500, jewelry up to $1,500, motor vehicles up to $7,500, and household goods up to $2,000. Additionally, money received as a pension, a veterans’ benefit, or an insurance benefit is typically exempt if it is not used as income. Certain tools of the trade used to make a living may also be exempt, so professional tools like computer software, tools, and instruments may be able to be kept. Additionally, certain kinds of property owned by two or more people, such as a family home, may be exempt if one of the owners files for bankruptcy. In general, other types of property may be taken in a Chapter 7 bankruptcy, including cash, investments, and other assets owned by the debtor. It is important to check with a licensed attorney in Iowa to determine exactly which property is exempt and which may be taken.

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What type of property can I keep after filing for Chapter 7 Bankruptcy?

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