Iowa SF2054 adjusts personal property exemption limits and expands eligibility for homestead and pension exemptions in bankruptcy.

Iowa SF2054 modifies personal property exemption limits for items like wedding rings, jewelry, and household goods. It expands eligibility for homestead exemptions to include debtors filing for bankruptcy and removes the requirement that the debtor must not delay enforcement of a deficiency judgment. The bill also expands pension exemption eligibility to include debtors filing for bankruptcy, regardless of whether they are heads of a family. Exemption amounts will be adjusted every three years based on the consumer price index. The bill takes effect upon enactment.

Iowa SF2054 adjusts personal property exemption limits and expands eligibility for homestead and pension exemptions in bankruptcy.

Iowa SF2054 modifies personal property exemption limits for items like wedding rings, jewelry, and household goods. It expands eligibility for homestead exemptions to include debtors filing for bankruptcy and removes the requirement that the debtor must not delay enforcement of a deficiency judgment. The bill also expands pension exemption eligibility to include debtors filing for bankruptcy, regardless of whether they are heads of a family. Exemption amounts will be adjusted every three years based on the consumer price index. The bill takes effect upon enactment.