Florida Bankruptcy Exemptions
UPDATED: March 5, 2020
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Federal bankruptcy exemptions available? NO
A court has held that under Florida law property held by a married couple under tenancy by the entirety may be exempt if only one of the spouses owes a debt. If both spouses owe a debt, the usual homestead exemptions apply.
All references to state statutes in the chart below are to the Florida Statutes Annotated.
|Florida Bankruptcy Exemptions|
|Homestead||Real or personal property, including a mobile or modular home: unlimited value for up to ½ acre in a municipality or 160 acres elsewhere. This exemption can be claimed by the spouse and children of a deceased owner.||Constitution 10-4; 222.01–222.3, 222.05|
|Debtor may file a homestead declaration.||222.01|
|Insurance||Death benefits: all benefits payable to a specific beneficiary and not to the deceased’s estate.||222.13|
|Annuity proceeds, except for lottery winnings: all.||222.14|
|Life insurance cash surrender value: all.||222.14|
|Illness and disability benefits: all.||222.18|
|Fraternal benefit society payments: all.||632.619|
|Miscellaneous||Child support and alimony: all necessary for support.||222.25|
|Damages for injuries to employees in hazardous occupations: all.||769.05|
|Pensions||federal pension exemptions|
|State officer and state employee pensions: all.||121.131|
|County officers and county employee pensions: all.||122.15|
|Firefighter pensions: all.||175.241|
|Police officer pensions: all.||185.25|
|IRAs, Roth IRAs, and ERISA-qualified benefits: all.||222.21(2)|
|Teacher pensions: all.||238.15|
|Personal Property||Deposits into prepaid trust for college education: all.||222.22(1)|
|Deposits into prepaid medical savings account: all.||222.22(2)|
|Deposits prepaid into hurricane savings account: all.||222.22(4)|
|Federal income tax refund/credit: all.||222.25|
|Health aids: all.||222.25|
|Motor vehicle: up to $1,000.||222.25|
|Public Benefits||Public assistance: all.||222.201|
|Social Security benefits: all.||222.201|
|Unemployment compensation benefits: all.||222.201; 443.051(2), (3)|
|Veterans’ benefits: all.||222.201; 744.626|
|Workers’ compensation: all.||440.22|
|Crime victims’ compensation: all if the debt is not for treatment of injuries received during the crime.||960.14|
|Tools of Your Trade||No exemptions.|
|Wages||Wages for head of family, paid or unpaid: 100% of all wages up to $750 per week.||222.11|
|Federal government employee pension received 3 months prior to any execution or collection of the funds: all.||222.21|
|Wildcard||Personal property: up to $1,000 for single person.||Constitution 10-4|
Click here to read an Introduction to Bankruptcy Exemptions.