Bankruptcy - Florida Exemptions and Exempt Property

Bankruptcy - Florida Exemptions and Exempt Property Fort Lauderdale

This is a Debtor's claim to remove certain property from the bankruptcy estate. If property is determined to be exempt, then the Debtor(s) is/are allowed to keep the exempt property.

The following is a listing of most of the Florida Exemptions in which each adult Debtor can use to exempt property, in whole or in part, when filing for Bankruptcy in Florida:

  • Real Estate/Real Property - real property including mobile home to unlimited value, provided that the property does not exceed applicable acreage restrictions.
  • Personal Property/Household Goods - to $1,000 per person
  • Automobile - up to $1,000 per person.
  • Insurance/Annuities (unlimited value) - annuity contract proceeds, death benefits payable to a specific beneficiary, not the deceased's estate, disability or illness benefits, fraternal society benefits, cash surrender value of life insurance.
  • Pensions/Retirement Plans - county officers, county employees, ERISA, police officers and firefighters, state officers, state employees, teachers, IRA, 401(K), Keogh accounts.
  • Public Benefits/Entitlements - veterans' benefits, workers' compensation, crime victims' compensation, public assistance, social security, unemployment compensation.
  • Wages - Head of Household earnings with certain restrictions.
  • Tax Refunds - The earned income credit portion of federal income tax refund is exempt.
  • Wild Card - Indviduals who do not claim a Homestead exemption and/or are surrendering their home back to their Mortgage company are entitled to an additional exemption for personal property of $4,000.00.

Examples of Non-Exempt debts:

  • Personal property in excess of $1,000 per person.
  • Value of vehicles in excess of $1,000 per person.
  • Stocks, bonds, mutual funds, certificates of deposits.
  • Business assets, tools of trade, shares of a corporation, subject to certain factual circumstances.

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