Des Moines Asset Protection Lawyer

Losing your assets is probably one of your biggest fears before filing for bankruptcy. In Iowa, persons who file for Chapter 7 bankruptcy may be able to retain certain exempt properties. To identify the exempt properties that you may be allowed to retain even during a bankruptcy, speak to a Des Moines asset protection lawyer at the Weaver Bankruptcy Law Firm.

Exempt property under Iowa law

The types of property that are exempt differ from state to state. In Iowa, exempt property is determined by both Iowa bankruptcy laws as well as property laws. Under Iowa bankruptcy laws, a person may be allowed to retain property up to a fair market value of up to $30,000, while in the case of a family, the limit is $60,000. You may also continue to retain personal property including home furnishings, heirlooms, tools and equipment, machinery, books, firearms, sporting equipment, some jewelry, apparel, and a number of motor vehicles. Non- exempt properties, like rental properties, vacation homes, and land are sold in a Chapter 7 bankruptcy, and all the proceeds are used to pay off creditors.

You Can Retain Property during a Bankruptcy

A bankruptcy does not mean that you will lose everything, but the shirt on your back. You will be allowed to retain certain types of property, and many personal belongings. Speak to a Des Moines asset protection lawyer about the types of properties that you may continue to retain, and those that are nonexempt. The decision to file for bankruptcy is undoubtedly one of the most difficult decisions you will ever have to make. You’re likely to be anxious at this time, wondering which of your assets you’ll have to sell off, and which you can retain. Call (000) 000-0000 to schedule a consultation with a Des Moines asset protection lawyer at the Weaver Bankruptcy Law Firm, and discuss your case.