Florida, FL Bankruptcy Exemptions

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The Essential Florida Bankruptcy Information Guide

Florida, FL Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Florida Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Florida Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real or personal property, including mobile or modular home and condominium, to unlimited value. Property cannot exceed: 1/2 acre in a municipality, or 160 acres elsewhere. Spouse or child of deceased owner may claim exemption. (Also refer to Florida Constitution, as "Fla. Const. 10-4."). May file homestead declaration. Also, tenancies by the entireties in real property are exempt as to debts of one spouse	222.01 In re Avins, 19 B.R. 736 (S.D. Fla. 1982)
INSURANCE	Annuity contract proceeds; does not include lottery winnings	222.14
	Death benefits payable to a specific beneficiary	222.13
	Disability or illness benefits	222.18
	Fraternal benefit society benefits	632.619
	Life insurance cash surrender value	222.14
MISCELLANEOUS	Alimony, child support needed for support	222.201
MISCELLANEOUS	Damages to employees for injuries in hazardous occupations	769.05
PENSIONS see also wages	County officers, employees	122.15
	ERISA-qualified benefits	222.21(2)
	Firefighters	175.241
	Police officers	185.25
	State officers, employees	121.131
	Teachers	238.15
	Tax exempt retirement accounts. Traditional IRAs and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Any personal property to $1,000 (Husband & wife may double)	Constitution 10-4
	Health aids	222.25
	Motor vehicle to $1000	222.25
	Prepaid hurricane savings accounts, prepaid medical savings account deposits, and prepaid college education trust deposits.	222.22
	Federal income tax credits or refunds.	222.25
PUBLIC BENEFITS	Crime victims’ compensation unless seeking to discharge debt for treat of injury incurred during the crime	960.14
	Public assistance	222.201
	Social security	222.201
	Unemployment compensation	222.201
	Veterans’ benefits	222.201
	Workers’ compensation	440.22
TOOLS OF TRADE	NONE
WAGES	For head of family, 100% of earnings up to $500 a week; Applies to either unpaid or paid wages, or wages deposited in a bank account for up to 6 months.	222.11
WAGES	Federal government employees pension payments needed for support and received 3 months prior	222.21

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