The Iowa Homestead Exemption
When filing for Chapter 7 bankruptcy, one of the most important issues that a bankruptcy attorney can help you with is the maximization of the exemptions which will allow you to retain as much of your property as possible. Limited exemptions are available, and effectively utilizing the tools offered by Chapter 7 is an essential part of the debt relief process.
At Hong Law, PLC, our dedicated legal team is committed to helping our clients find the debt relief solution which is appropriate to their unique situation. To learn more about your rights and options, call a Cedar Rapids bankruptcy attorney today at (319) 294-5853.
Exempting Your Home
Among the various exemptions that debtors are allowed to claim when filing for Chapter 7 bankruptcy is the homestead exemption. The purpose of bankruptcy is to allow debtors to retain the bare essentials of their property and expunge all unsecured debt, allowing them a clean slate on their finances. Keeping their home is considered to be an essential part of this, and Iowa allows you to exempt your home under the following stipulations:
- Must be real property or an apartment
- Unlimited value
- Cannot exceed ½ acre in a town or city
- Cannot exceed 40 acres elsewhere
- A husband and wife may not combine their homestead exemption
With the right documentation to prove that your home is eligible, you may be able to file for Chapter 7 bankruptcy and protect your home in the process.
When considering Chapter 7 bankruptcy, it is essential that you are aware of what property you will be able to protect. If exemptions are used effectively, you are likely to be able to retain more than you realize. Contact a Cedar Rapids bankruptcy lawyer of Hong Law, PLC, by calling (319) 294-5853 today.
Coralville, IA 52241
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