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Understanding Florida Bankruptcy Exemptions: Protecting Your Assets in Bankruptcy Proceedings

by | Apr 26, 2024 | Bankruptcy

In Chapter 7 bankruptcy, the assets you can keep are “exempt” property. Each state can choose between the Federal List of Exemptions or its own set. Florida has its own exemption laws. To qualify for Florida exemptions, you need to have been a continuous resident of Florida for at least 24 months before you file. These are some of the more common Florida bankruptcy exemptions.

  • $1,000 personal property
  • $4,000 personal property if you don’t exempt any land as homestead
  • $1,000 motor vehicle
  • 401(k) plan
  • 403(b) plan
  • Alimony
  • Annuities
  • Cash surrender value of life insurance policies
  • Disability benefits and income
  • Entireties property if only one spouse files, to the extent there are no unsecured creditors
  • Florida Retirement System
  • Health aids, professionally prescribed
  • Health savings account
  • Homestead Property
  • Hurricane savings account
  • Illness benefits
  • IRA
  • Local public assistance benefit
  • Payment on account of illness / disability
  • Pension payment, non-specific
  • Pension for firefighters, highway patrol, etc.
  • Pensions, Federal (last 3 months)
  • Prepaid college fund
  • Profit-sharing payment
  • Retirement benefits for some workers
  • Separate maintenance
  • Social Security benefits
  • Unemployment benefits and compensation
  • Veteran’s benefits
  • Wages for the head of family
  • Worker’s compensation

The information provided on this page is for informational purposes only and does not constitute legal advice or create an attorney-client relationship. Please contact a licensed bankruptcy attorney to determine what exemptions apply in your case.