Updated: 2021-03-09 by
Federal Non-Bankruptcy Insurance Exemptions (available in all states)
US Bankruptcy Code § 522 Insurance Exemptions
The Federal Bankruptcy Code Exemptions under section 522 are available to you if
- you haven't lived in any state longer than 180 days for a while, or
- if your state allows the Federal exemptions as a choice.
Does Iowa allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?
No. Iowa Code § 627.10.
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Retirement accounts that are recognized by the IRS are exempt by law in bankruptcy up to over a million dollars. State law may provide additional protection for specific kinds of pensions, under state law.
Insurance exemptions use a lingo all their own and some familiarity with the jargon is essential to understanding what is exempt.