^ Top - Florida Bankruptcy Exemptions
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Florida Homestead Exemption
Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.
Federal Law Residency Requirement
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (three years and four months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
- FL Exemptions
- May file homestead declaration
Fla. Stat. Ann. § 222.01
- Property held as tenancy by the entirety may be exempt against debts owed by only one spouse
Havoco of America, Ltd. v. Hill, 197 F.3d 1135 (11th Cir Fla. 1999)
- Real or personal property including mobile or modular home to unlimited value; cannot exceed half acre in municipality or 160 acres elsewhere; spouse or child of deceased owner may claim homestead exemption (husband & wife may double)
Fla. Stat. Ann. § 222.01
Fla. Stat. Ann. § 222.02
Fla. Stat. Ann. § 222.03
Fla. Stat. Ann. § 222.05
Fla. Const. Art.10, § 4
In re Colwell, 196 F.3d 1225 (11th Cir. 1999)
- Real or personal property including mobile or modular home to unlimited value; cannot exceed half acre in municipality or 160 acres elsewhere; spouse or child of deceased owner may claim homestead exemption (husband & wife may double)
Home Valuation tool
Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)
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Tenancy by Entirety Exemption
Tenancy by the Entirety (TBE) is a form of property ownership, based on traditional English common law, that is still recognized in about 1/2 of states and the most common form of martial property ownership in many of them.
It protects property that is jointly owned by a married couple as an "entirety" -- which is to say, as a single marital entity, not as individuals.
Tenancy by the Entirety (TBE) was originally conceived as a debt shield -- a way of protecting wives and children from being left homeless and penniless as a result of the debts of a husband. Under the English common law TBE doctrine, a husband could not sell property owned by "the entirety", or give it away, or pledge it as security for a loan without the consent of his wife.
Today, 25 states still recognize some form of tenancy by the entirety, but they differ on the extent to which the property is exempt.
Special notes about Florida Tenancy by the Entirety Exemptions: The right of tenancy by the entirety may be claimed in any personal asset, including promissory notes, checking accounts, and tax exempt bonds.
- Property held as tenancy by the entirety may be exempt against debts owed by only one spouse
Havoco of America, Ltd. v. Hill, 197 F.3d 1135 (11th Cir Fla. 1999)
In re Musolino, 391 F.3d 1295 (11th Cir 2004)
Meyer v. Faust, 83 So.2nd 847 (Fla 1955)
^ Top - Florida Bankruptcy Exemptions
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Florida Insurance exemptions
Virtually all states protect life insurance proceeds in some manner or another. Some restrict it to proceeds paid to a dependent. Many states also protect the cash-value or loan-value of insurance policies.
If a substantial amount of your assets are in life insurance, you may want to consult a professional to determine the extent to which those policies are exempt.
- Annuity contract proceeds; does not include lottery winnings
In re Pizzi, 153 B.R. 357 (S.D. Fla. 1993)
Fla. Stat. Ann. § 222.14
- Death benefits payable to a specific beneficiary, not the deceased's estate
Fla. Stat. Ann. § 222.13
- Disability or illness benefits
Fla. Stat. Ann. § 222.18
- Fraternal benefit society benefits
Fla. Stat. Ann. § 632.619
- Life insurance cash surrender value
Fla. Stat. Ann. § 222.14
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
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Public Benefits |
Tools of Trade |
Wages |
Wild Card |
- AL
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- NE
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- OK
- OR
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Miscellaneous other exemptions for Florida
- Alimony, child support needed for support
Fla. Stat. Ann. § 222.201
- Damages to employees for injuries in hazardous occupations
Fla. Stat. Ann. § 769.05
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
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Public Benefits |
Tools of Trade |
Wages |
Wild Card |
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Florida Pensions & Retirement Savings Exemptions
The new federal bankruptcy law now automatically exempts a virtually all tax-exempt pensions and retirement savings accounts from bankruptcy, even if you are using state law all_law_table_items. 11 U.S.C. § 522(b)(3)(C). (See Help Topic: Special Rules For Retirement Accounts.)
The law protects up to $1,283,025 of any pension or retirement fund that qualifies forspecial tax treatment under Internal Revenue Code sections 401,402, 403, 408, 408A, 414, 457, or 501(a).
- County officers, employees
Fla. Stat. Ann. § 122.15
- ERISA-qualified benefits, and all tax exempt retirement funds including IRAs, Roth IRAs
Fla. Stat. Ann. § 222.21 (2)
- Firefighters
Fla. Stat. Ann. § 175.241
- Police officers
Fla. Stat. Ann. § 185.25
- State officers, employees
Fla. Stat. Ann. § 121.131
- Teachers
Fla. Stat. Ann. § 238.15
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
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Wild Card |
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Florida Personal Property Exemptions
This category covers your car, your non-retirement bank accounts, and most of your other personal possessions, other than your house.
States vary widely on how generous they are in this area. Some exemptions may be for any combination of property up to an aggregate amount. Other exemptions apply only to specific items, such as jewelry.
Remember that an exemption will not protect your car from being repossessed by the holder of the car loan you used to purchase the vehicle if you pledged the vehicle as security for the loan. To keep the car, you will have to pursue other options such as 'redemption' or 'reaffirmation.' See the help topics and How to File for Chapter 7 Bankruptcy for more on this.
- $4,000 of any personal property in lieu of homestead exemption. This exemption does not apply to a debt owed for child support or spousal support.
Fla. Stat. Ann. § 222.25 ((4) A debtor's interest in personal property, not to exceed $4,000, if the debtor does not claim or receive the benefits of a homestead exemption under s. 4, Art. X of the State [FN2] Constitution. This exemption does not apply to a debt owed for child su)
- Any personal property to $1,000 (husband & wife may double)
In re Hawkins, 51 B.R. 348 (S.D. Fla. 1985)
Fla. Const. Art.10, § 4
- Federal income tax refund or credit
Fla. Stat. Ann. § 222.25 (3)
- Health aids
Fla. Stat. Ann. § 222.25 (2)
- Motor vehicle to $1,000
Fla. Stat. Ann. § 222.25 (1)
- Pre-need funeral contract deposits
Fla. Stat. Ann. § 497.456 (8)
Fla. Stat. Ann. § 497.413
- Prepaid college education trust deposits
Fla. Stat. Ann. § 222.22 (1),(3)
- Prepaid hurricane savings account deposits
Fla. Stat. Ann. § 222.22 (4)
- Prepaid medical savings account deposits and flexible spending account.
Fla. Stat. Ann. § 222.22 (2)
Auto Valuation Tools:
Both of these websites offer interactive tools to determine the current value of your used car.
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
Personal Property |
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Tools of Trade |
Wages |
Wild Card |
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Florida Public Benefits Exemptions
Most states exempt public benefits, consistent with the notion that such benefits are intended as a safety net for the recipient.
- Crime victims' compensation, unless seeking to discharge debt for treatment of injury incurred during the crime
Fla. Stat. Ann. § 960.14
- Earned Income Tax Credit
Fla. Stat. Ann. § 222.25 (3)
- Public assistance
Fla. Stat. Ann. § 222.201
- Social Security
Fla. Stat. Ann. § 222.201
- Unemployment compensation ("reemployment assistance")
Fla. Stat. Ann. § 222.201
Fla. Stat. Ann. § 443.051 (2),(3)
- Veterans' benefits
Fla. Stat. Ann. § 222.201
Fla. Stat. Ann. § 744.626
- Workers' compensation
Fla. Stat. Ann. § 440.22
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
Personal Property |
Public Benefits |
Tools of Trade |
Wages |
Wild Card |
- AL
- AK
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- CA
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- ID
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Florida Tools of Trade Exemptions
These are the things you use to make a living. An automobile or truck can be a tool of trade if you use it as such. Commuting to work doesn't count, but if driving is a necessary component of transacting your business, you can claim your vehicle is a tool of trade.
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
Personal Property |
Public Benefits |
Tools of Trade |
Wages |
Wild Card |
- AL
- AK
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- CA
- CO
- CT
- DE
- DC
- FL
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- HI
- ID
- IL
- IN
- IA
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Florida Wage Garnishment Laws
Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done -- so called "earned but unpaid wages".
In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.
- 100% of wages for heads of family up to $750 per week either unpaid or paid and deposited into bank account for up to 6 months
Fla. Stat. Ann. § 222.11
- Federal government employees' pension payments needed for support & received 3 months prior
Fla. Stat. Ann. § 222.21
^ Top - Florida Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
Personal Property |
Public Benefits |
Tools of Trade |
Wages |
Wild Card |
- AL
- AK
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- CA
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Florida Wild Card Exemption
Most, but not all, states allow a so-called "wild-card" exemption that can apply to any property. The wild card exemption can be of particular help if one or more of your other exemptions falls short of protecting your equity. You may split your wild card exemption amount over multiple items and stack it atop other exemptions as needed to protect exposed equity.
^ Top - Florida Bankruptcy Exemptions
Links About Florida Bankruptcy Exemptions
- Florida Exemptions, Prepared by Edward P. Jackson - An impressive, comprehensive, if not completely up to date, review of Florida exemption law, with an espeically detailed treatment of local variations in Florida Homestead law.
- Tenancy By Entireties Ownership of Personal Property: Summary of Court Rulings - A 2006 survey of court decisions regarding TBE ownership of personal property in Florida.
- When the Tenancy by the Entirety Doctrine Meets the Bankruptcy Code (Florida Bar Journal) - Discusses 1999 Florida TBE law and proposals to change it.