BANKRUPTCY NOTES
Monday, April 30, 2018
9:40 AM
Florida
Bankruptcy Law
Florida Bankruptcy
Exemptions
The Florida bankruptcy exemptions chart, see
below, details the property you can exempt or
protect from creditors when you file bankruptcy
in Florida. You may exempt any property that falls
into one of the exemptions categories below, up
to the dollar amount listed. You will be able to
kept this exempted property after you file
bankruptcy. Please note that there are certain
debts which you will not be able to erase in
bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have
in the property. Equity is the difference between
the value of the property and what is owed on the
property. For example, a car valued at $5000 with
a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car
or home, and you are current on the payments
and the equity is covered by your exemptions,
you may elect to keep making payments on the
loan and keep this property through the
bankruptcy. If all the equity is not covered by
your exemptions the trustee may elect to
liquidate this asset and distribute the proceeds.
Generally, in this case, you would be entitled to
the value of your exemption in the asset as a cash
payment.
Bankruptcy law allows married couples filing
jointly to each claim a full set of exemptions,
unless otherwise noted.
To keep non-exempt property, a debtor must
generally pay the trustee the value of the nonexempt property.
When you file bankruptcy in Florida you may also
use certain federal exemptions in addition to
your Florida exemptions.
ASSET
EXEMPTION DESCRIPTION
Homes Real or personal property
tead
including mobile or modular
home to unlimited value;
property cannot exceed
acre in municipality or 160
contiguous acres elsewhere;
spouse or child or deceased
owner may claim homestead
exemption
May file homestead
declaration
Property held as tenancy by
the entirety may be exempt
against debts owed by only
one spouse
LAW
SECTION
222.01,
222.02,
222.03,
222.05,
Constitut
ion 10-4
222.01
In re
Avins, 19
B.R. 736
(S.D. Fla.
1982)
Insura
nce
Annuity contract proceeds;
does not include lottery
winnings
222.14; In
re Pizzi,
153 B.R.
357 (S.D.
Fla. 1982)
Death benefits payable to a
specific beneficiary, not the
deceased s estate
222.13
222.18
Disability or illness benefits
Fraternal benefit society
benefits, if received before
10/1/96
632.619
222.14
Life insurance cash
surrender value
Miscell Alimony, child support
aneous needed for support
Damages to employees for
injuries in hazardous
occupations
Pre-need funeral contract
deposits
222.201
769.05
497.413(8)
620.68
Property of business
partnership
Pensio County officers, employees
ns
ERISA-qualified benefits
see also
wages Firefighters
122.15
222.21(2)
175.241
Highway patrol officers
321.22
Police officers
185.25
State officers, employees
121.131
Teachers
238.15
Person Any personal property to
al
$1,000 (Husband & wife may
proper double)
ty
Health aids
Motor vehicle to $1000
Constitut
ion 10-4;
In re
Hawkins,
51 B.R.
348 (S.D.
Fla. 1985)
222.25
222.25
Public Crime victims
960.14
benefit compensation unless seeking
s
to discharge debt for treat of 769.05
injury incurred during the
crime
222.201
Hazardous occupation injury
222.201
recoveries
Public assistance
Social security
Unemployment
compensation
Veterans benefits
222.201,
443.051(2)
, (3)
222.201,
744.626
440.22
Workers compensation
Tools
of
trade
NONE
Wages 100$ of wages for heads of
222.11
family up to $500 per week
either unpaid or paid and
222.21
deposited into bank account
for up to 6 months
Federal government
employees pension
payments needed for
support and received 3
months prior
WILD
CARD
SEE PERSONAL PROPERTY
For more information on filing bankruptcy in
Florida explore Florida Bankruptcy Law.
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