Bankruptcy Planning & Advanced buys
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I am an information organizer I would say more so than a writer. Nothing that I provide here constitutes Financial, Medical, Legal or any other advice that I would need a license for or some sort of professional credentials it's basically resources and information that I like to gather and collect and share with people hopefully you find this life enriching :)
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I set this page up as a hub for people who have gotten the short end of the stick with our economy and debt system. If you have to file bankruptcy or just want to pre-plan in case that event happens I have info about chapter 7 bankruptcy that lets your debts be discharged
Page I setup for where to Donate Things but also could be a good place to get things Free or cheap :)
Page I added for Student Discount
Page for Low Income Resources
Bankruptcy Planning & Advanced buys
Most people do not plan to go bankrupt but millions do each year and its good to have an understanding and basic plan in place should something like that happen to you health care cost are the number 1 reason this happens to people. Chapter 7 tends to be the best way to go that just gives you a clean slate. If you shop till you drop you may need this :) thus why its on my shopping page.
Homestead Exemptions
Iowa allow for some interesting exemptions the main one being the non-dollar denominated homestead exemptions
When you pay off your home one of the best things with that in Iowa is that its yours forever as long as you pay your Vic to the tax man. When you file bankruptcy the homestead is exempt if its under 1/2 acre in town or 40 for a farm.
State Law page https://www.legis.iowa.gov/docs/ico/section/627.6.pdf
Other things on the list
Personal Property
On paper I heard its 7K but when you really look at what fills your home most of it could go to a A goodwill and be worth that amount 2nd hand crap has a very low resale value overall and from reading various lawyers websites like they dont try to take peoples computers or TVs etc...
Private libraries, family bibles, portraits, pictures and paintings ate.
Cars
Iowa’s exemptions allow a debtor to protect a vehicle worth up to $7,000 so if you have a cheaper older car you get to keep it.
Guns
One shotgun, and either one rifle or one musket.
So to keep your 2nd amendment rights get a really high end over under shot gun since its not tied into USD amount of money for the exemption. You could also buy lots of ammo maybe? You can buy a life membership at this sportsmen's club for $200
Health Aids
Professionally prescribed health aids for the debtor or a dependent of the debtor.
So hearing aids CPAP Machine pills and other medical things
burial plot & prepaid cremation
An interment space or an interest in a public or private burying ground, not exceeding
one acre for any defendant.
So with the above you can get a burial plot for a headstone and keep that plot
You can also keep prepaid funeral plans too
I have a number of pages that can help with this
When money is tight checkout my Free page and my Low Income page It has info on how the tax payers can take care of your dead loved ones.
I am working on a Cremation and Celebration of life page on the site for setting something like that up.
Tools of Trade
State law provides an exemption of $10,000 for the value of tools used in your income-earning activity. Computer technician can exempt and protect tools up to a value of $10,000.
So if you have a self-employed side business or main income you should be able to get most of what you need for it if its a low captial business such as a service business etc...
Retirement account
How are 401Ks IRA Pension protected...You can keep your tax-exempt retirement accounts, including 401(K)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans and traditional and Roth IRAs to $1,512,350 per person (for cases filed between April 1, 2022, and March 31, 2025).
Links to more info
Bankruptcy: It’s Better Than Nothing https://strikedebt.org/drom/chapter-ten/
https://www.iowalegalaid.org/resource/do-you-really-need-a-bankruptcy
https://www.iowabankruptcyattorney.net/personal-bankruptcy/what-assets-can-i-keep
https://siouxcitylawyers.com/what-happens-to-my-assets-in-chapter-7-bankruptcy/
https://thompsonlawoffice.net/833/iowas-tricky-homestead-exemption-in-bankruptcy/
https://www.calt.iastate.edu/article/iowa-homestead-exemption-construed
https://telpnerlaw.com/bankruptcy-in-iowa-keep-car/
https://www.nolo.com/legal-encyclopedia/retirement-plan-bankruptcy-chapter-7-13-32410.html