The Florida bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Florida. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Florida you may also use certain federal exemptions in addition to your Florida exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real or personal property including mobile or modular home to unlimited value; property cannot exceed ½ acre in municipality or 160 contiguous acres elsewhere; spouse or child or deceased owner may claim homestead exemption May file homestead declaration Property held as tenancy by the entirety may be exempt against debts owed by only one spouse | 222.01, 222.02, 222.03, 222.05, Constitution 10-4
222.01 In re Avins, 19 B.R. 736 (S.D. Fla. 1982) |
Insurance | Annuity contract proceeds; does not include lottery winnings
Death benefits payable to a specific beneficiary, not the deceased’s estate Disability or illness benefits Fraternal benefit society benefits, if received before 10/1/96 Life insurance cash surrender value | 222.14; In re Pizzi, 153 B.R. 357 (S.D. Fla. 1982) 222.13 222.18 632.619 222.14 |
Miscellaneous | Alimony, child support needed for support Damages to employees for injuries in hazardous occupations Pre-need funeral contract deposits Property of business partnership | 222.201 769.05 497.413(8) 620.68 |
Pensions see also wages | County officers, employees ERISA-qualified benefits Firefighters Highway patrol officers Police officers State officers, employees Teachers | 122.15 222.21(2) 175.241 321.22 185.25 121.131 238.15 |
Personal property | Any personal property to $1,000 (Husband & wife may double)
Health aids Motor vehicle to $1000 | Constitution 10-4; In re Hawkins, 51 B.R. 348 (S.D. Fla. 1985) 222.25
222.25 |
Public benefits | Crime victims’ compensation unless seeking to discharge debt for treat of injury incurred during the crime Hazardous occupation injury recoveries Public assistance Social security Unemployment compensation Veterans’ benefits Workers’ compensation | 960.14 769.05 222.201 222.201 222.201, 443.051(2), (3) 222.201, 744.626 440.22 |
Tools of trade | NONE |
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Wages | 100$ of wages for heads of family up to $500 per week either unpaid or paid and deposited into bank account for up to 6 months Federal government employees pension payments needed for support and received 3 months prior | 222.11 222.21 |
WILD CARD | SEE PERSONAL PROPERTY |
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For more information on filing bankruptcy in Florida explore Florida Bankruptcy Law.
