Florida Homestead Exemption

 

How much of your home equity is protected if you file for bankruptcy in Florida?

ADVERTISEMENT -
AD_GOOGLE_2_RESPONSIVE_PRE_CONTENT

.
 

Homestead Exemptions - State System
(State Law + Federal Non-Bankruptcy Law)

Homestead Exemption Under Florida Law

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)

Amount Joint amount

no dollar limit

no dollar limit

NOTE: Residency Requirement Caps Maximum Homestead at $189,050 if you've recently moved to a State that allows more than that

Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $189,050. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

Federal Non-Bankruptcy Homestead Exemptions

These are exemptions under federal law, but and are NOT part of the bankruptcy code list of exemptions in 522(d), so states cannot "opt out" from these exemptions. These exemptions available in every State ONLY IF you are using the state exemptions. You cannot use these exemptions if you are using the federal bankruptcy exemption scheme under § 522(d)

-

Homestead Exemptions - Federal Bankruptcy Exemptions 
(Exemptions under 11 U.S.C. § 522(d) only)

Can Florida debtors use the Federal Bankruptcy exemptions instead of Florida exemptions?

No, except as to exemptions provided by 11 U.S.C. § 522(d)(10). Fla. Stat. §§ 222.20, 222.201

The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if

  • you haven't lived in any state longer than 180 days for a while,
  • or
  • if your state allows the Federal exemptions as a choice.

ADVERTISEMENT -

Free Bankruptcy Case Evaluation For Broward County, FL

Do you have questions about filing bankruptcy in Florida, and think you might need a bankruptcy lawyer? Use the form below to connect with the Nolo / Martindale network of bankruptcy lawyers For Broward County, FL.
SPONSORED FORM - Nolo/Martindale Attorney Network



Jurisdictional relevance: ST

There are versions of this article for each State.