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Can I keep my home if it's over 1/2 acre in town?

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    #1

    Can I keep my home if it's over 1/2 acre in town?

    Iowa law states that my house is exempt as long as it's on a lot that's less that 1/2 acre in town. However, my lot is almost an acre and we are in town. We owe about $175,000 against our house and our house is probably not worth more then $180,000 at this time.

    IN addition to this, I do daycare in my home. My entire basement is set up to do daycare in it. So, do I need to worry about having it taken away from me in a bankruptcy? Because not only is this my house, but it is also my income?

    I'm still trying to get our paperwork together to get an appointment with an attorney. Since I'm self employed, I have months of paperwork to document for taxes anyway. I just wish they would answer my question so I would know if I have to figure something else out.
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    #2
    It doesn't sound like your house can be "taken away". Who would take it away? You don't have any equity in it. Now, if you choose not to pay your mortgage, then the bank will take it away.
    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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      #3
      We have always maintained our house payment (and second mortgage) as well as insurance and taxes. The house is always the first thing to get paid. But when I was reading through the Iowa exemptions, I kept reading that a house in town had to be on less then 1/2 an acre. I was confused by that. If we have almost an acre, I didn't want to risk it and lose the one thing I've fought to keep! uugghhh....Its so frustrating.

      We will lose 5 rental houses and probably 3 snowmobiles a motorcycle and maybe a car. I don't care about any of it anymore. I used to care, back when I thought it mattered. Now, I need my sanity more then my "things".

      I also have some camera equipment that I want to keep. I use it for a small business I have. But I'm not sure that would fly with the trustee either.

      Like most people, I'm just trying to determine what is reasonable to keep and what is not. Sometimes, my reality is far from the reality of the rest of the world. I used to be attached to so many things...ha ha ha!! Now, I just want to walk away.

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