Spencer, IA Bankruptcy Law

Spencer, Iowa 51301
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Filing Bankruptcy In Spencer, IA

While bankruptcy is federal law, many aspects, like exemptions involve state law, and —in the case of the means test — each county in Iowa is assigned its own housing expense standards.

We're here to help you navigate these layers of federal, state, and local rules that come into play when you file bankruptcy in Spencer, IA.

LegalConsumer.com's "Bankruptcy By Zip Code" website has provided free, local bankruptcy information to more than 10 million consumers since 2006! Let us help you learn how bankruptcy works in Spencer, IA. 


How to File 

Means Test

  • Free Means Test Calculator: Are you eligible for Chapter 7? This calculator will help you find out. Online since 2006. Updated with May 15, 2024 income & expense standards. 
  • Local Standards:  Iowa and Clay County: Every state and county differs.
    • Iowa Median Income: Each state has its own Median Income standard.
    • Expense Standards For Clay County: Housing expense standards are by county and vary widely in Iowa. Be sure you have selected the correct county to get an accurate result in the Bankruptcy Means Test.
  • Line by Line Help Just the bits you need when needed. 

Bankruptcy Court


Iowa Bankruptcy Exemptions

  • Schedule C:  The form where you claim your property as exempt.
  • Federal Bankruptcy (§522) Exemptions: 19 states allow you to use the Federal Bankruptcy Exemptions listed in 11 USC § 522. The remaining states have "opted out" and only allow you to use the state law exemptions. 
    • Can use the Federal Bankruptcy (§522) exemptions in Iowa? 

      No. Iowa Code § 627.10.

  • Iowa Exemptions
  • Real Estate
    • Your Home (Iowa Homestead Exemption): 
      • Real property or an apartment to an unlimited value; property cannot exceed 1/2 acre in town or city, 40 acres elsewhere (husband & wife may not double)

  • Personal Property:
    • Car/Truck/Van: Most states explicitly exempt motor vehicles. In some states, it's pretty generous. 
      • $7,000

    • Tools of Your Trade: From delivery vans to shop tools, most states allow you to exempt tools you use for your work, up to a certain amount.
    • Wildcard
      • $1,000 of any personal property, including cash

  • Financial Accounts & Cash

Types of Debt

  • Secured Debts: Bankruptcy doesn't get rid of secured debts, but in some cases, it can greatly reduce them. When you file, you'll be asked what you plan to do about your secured debts. Your options are:  -
    • Surrender: Give back the property and wipe out any remaining deficiency balance in bankruptcy. 
    • Redeem: - Come up with the cash to buy the property outright at its current value.. 
    • Reaffirm: - Keep the arrangement you have, and leave this debt unaffected by your bankruptcy.
    • Common Types of Secured Debts:
  • Unsecured Debts: Most unsecured debts, like credit cards and medical debts, can be discharged in bankruptcy.
    • Credit Card Debt
    • Medical Debt
    • Personal Loans
    • Payday loans
  • Unsecured Debts that require extra steps:

Lawyers Near Me


Note: This website is updated as time permits. It is up to you to contact your local court and confirm and update any information you need. Information is not advice. See a bankruptcy lawyer for advice about how the law relates to your situation.




Spencer, IA
Bankruptcy by Zip Code

Consumer Protection
Consumer Protection Laws

Basics
Bankruptcy Basics

How to File
How To File Bankruptcy

Courts
Iowa Northern District Bankruptcy Court Info

Forms
Bankruptcy Forms

Means Test
Means Test Calculator
Income & Expenses

Debts
Debts & Dischargeability

Student Loans
Student Loans

Exemptions
Property, Exemptions & Liens

Exemptions
Exemptions By Category

BK Exemptions FAQ
Bankruptcy Exemptions FAQ

Lawyers
Bankruptcy Lawyers & Other Help

News
Bankruptcy News



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