Bankruptcy Exemptions in Florida
What property you can keep in bankruptcy in Florida: homestead, vehicle, wildcard and retirement exemptions, and whether you can choose the federal exemptions.
Short answer: Florida filers must use Florida's exemptions: "residents of this state shall not be entitled to the federal exemptions provided in s. 522(d)." Fla. Stat. 222.20
| State or federal exemptions | Florida filers must use Florida's exemptions: "residents of this state shall not be entitled to the federal exemptions provided in s. 522(d)." Source: Fla. Stat. 222.20 |
|---|---|
| Homestead exemption | No dollar limit. Outside a municipality: up to 160 acres of contiguous land and improvements. Inside a municipality: up to one-half acre of contiguous land, limited to the residence of the owner or the owner's family. Does not protect against taxes and assessments on the property, purchase-money or improvement loans, or certain labor liens. Federal bankruptcy law (11 U.S.C. 522(p)) separately caps the amount of a homestead interest acquired during the 1,215 days before filing when state exemptions are used; the cap is adjusted periodically. Source: Fla. Const. art. X, § 4(a)(1) |
| Car exemption | A debtor's interest in a single motor vehicle, up to $5,000. Source: Fla. Stat. 222.25(1) |
| Wildcard exemption | Personal property up to $1,000 under the Florida Constitution; plus up to $4,000 in personal property if the debtor does not claim or receive the benefit of the constitutional homestead exemption (not available against child or spousal support debts). |
| Retirement accounts | Money or assets in, or payable from, funds or accounts that are tax-exempt under Internal Revenue Code sections 401(a), 403(a), 403(b), 408, 408A, 409, 414, 457(b) or 501(a) are exempt from all claims of creditors (with exceptions listed in the statute). Source: Fla. Stat. 222.21(2)(a) |
| Wages | All disposable earnings of a head of family (someone providing more than half the support of a child or other dependent) of $750 a week or less are exempt; above $750 a week they cannot be garnished unless the person agreed in writing. Other people's wages are protected to the federal limit (15 U.S.C. 1673). Exempt earnings deposited in a bank stay exempt for 6 months if traceable. Source: Fla. Stat. 222.11(2)-(3) |
More Florida bankruptcy
FAQ
Can you use the federal bankruptcy exemptions in Florida?
Florida filers must use Florida's exemptions: "residents of this state shall not be entitled to the federal exemptions provided in s. 522(d)."
How much home equity is protected in bankruptcy in Florida?
No dollar limit. Outside a municipality: up to 160 acres of contiguous land and improvements. Inside a municipality: up to one-half acre of contiguous land, limited to the residence of the owner or the owner's family. Does not protect against taxes and assessments on the property, purchase-money or improvement loans, or certain labor liens.
Can I keep my car in bankruptcy in Florida?
A debtor's interest in a single motor vehicle, up to $5,000.
Does Florida have a wildcard exemption?
Personal property up to $1,000 under the Florida Constitution; plus up to $4,000 in personal property if the debtor does not claim or receive the benefit of the constitutional homestead exemption (not available against child or spousal support debts).
Are retirement accounts protected in bankruptcy in Florida?
Money or assets in, or payable from, funds or accounts that are tax-exempt under Internal Revenue Code sections 401(a), 403(a), 403(b), 408, 408A, 409, 414, 457(b) or 501(a) are exempt from all claims of creditors (with exceptions listed in the statute).
Are wages protected in bankruptcy in Florida?
All disposable earnings of a head of family (someone providing more than half the support of a child or other dependent) of $750 a week or less are exempt; above $750 a week they cannot be garnished unless the person agreed in writing. Other people's wages are protected to the federal limit (15 U.S.C. 1673). Exempt earnings deposited in a bank stay exempt for 6 months if traceable.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.