What are bankruptcy exemptions in Florida?

Florida's bankruptcy exemptions are highly bifurcated: extraordinary homestead protection but minimal personal property exemption.

1. Opt-Out State

Florida opted out of federal bankruptcy exemptions under Fla. Stat. § 222.20. Debtors must use Florida exemptions plus federal non-bankruptcy exemptions.

2. Homestead — Fla. Const. art. X, § 4(a)(1); Fla. Stat. § 222.05

Unlimited in dollar value, subject to acreage limits:

Municipal homestead: up to 1/2 acre (city limits).

Rural homestead: up to 160 acres (outside city).

Protects against general creditors but not:

Purchase money mortgages,

Taxes/assessments,

Mechanic's liens for improvements,

Federal tax liens.

11 U.S.C. § 522(p) cap of $214,000 applies if home acquired within 1,215 days of filing.

3. Personal Property — Fla. Const. art. X, § 4(a)(2)

$1,000 of personal property — extraordinarily low. Combined with constitutional sovereignty, this minimal protection has been controversial.

Wildcard Bonus — Fla. Stat. § 222.25(4)

If you do NOT claim the homestead exemption (e.g., renter), you may claim an additional $4,000 in personal property. Total: $5,000 for non-homesteaders. Adopted 2007 to address rental population.

4. Motor Vehicle — Fla. Stat. § 222.25(1)

$1,000 equity in one vehicle.

5. Wages — Fla. Stat. § 222.11

100% of wages of head of household up to $750/week, exempt from garnishment. The remainder is exempt unless waived in writing.

6. Retirement Accounts — Fla. Stat. § 222.21

401(k), IRA, pension — fully exempt.

7. Annuities and Life Insurance — Fla. Stat. § 222.13, § 222.14

Fully exempt — making Florida a top destination for asset protection.

8. Prepaid College Trust — Fla. Stat. § 222.22

Florida Prepaid College Plans fully exempt.

9. Public Benefits — Fla. Stat. § 222.201

Social Security, unemployment, workers' comp, public assistance — fully exempt.

10. Domicile Requirement

730-day rule under 11 U.S.C. § 522(b)(3). Common scenario: people moving to Florida for asset protection — must wait 2 years to claim Florida exemptions.

11. Tenancy by the Entirety

Property held jointly by spouses with right of survivorship is generally exempt from individual creditors of one spouse — a powerful Florida-specific protection.

This is legal information, not legal advice.