Property Exemptions in Florida
Insight from Our Gainesville Chapter 7 Bankruptcy Lawyers
The property you are permitted to keep in
Chapter 7 bankruptcy is called your "exempt" property. Federal bankruptcy law allows
each state to use either the Federal List of Exemptions or use the state’s
own list of exemptions. Florida, like 37 other states, has elected to
use its own exemption laws and "opted out" of the federal scheme.
As a result, the list of exemptions available in Florida is different
from those of every other state. To qualify for exemptions, you must have
lived in Florida continuously for at least 24 months before your bankruptcy
is filed. Our Jacksonville attorneys can work with you to ensure that
you understand your situation and options fully!
- The exemptions residents are eligible for include:
- $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
- Crime victims compensation
- Deferred compensation program
- Disability benefits and income
- Entireties property if only one spouse files, to the extent there are no
unsecured creditors
- Fraternal benefit society benefits
- Florida Retirement System
- Hazardous occupations, damages for injuries
- Health aids, professionally prescribed
- Health savings account
- Homestead
- 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)
- Pre-paid college fund
- Profit-sharing payment
- Retirement benefits for some workers
- Separate maintenance
- Social Security benefits
- Stock bonus retirement
- Unemployment benefits and compensation
- Veteran's benefits
- Wages for the head of family
- Worker's compensation
Review exemptions laws that apply to you with the help of the
Gainesville bankruptcy attorneys at Ruff & Cohen. The team at our firm ensures that all your property
is carefully surveyed and accounted for to determine what can be exempted
and what may be used to pay back your debts during the bankruptcy process.
Schedule a consultation with the firm at (352) 376-3601 to have your
case evaluated for free!
