Monday, October 27, 2014

Florida Bankruptcy Exemptions

Florida Exemptionsproperty exempt in bankruptcy6

Florida is an "opt-out" state, which means that the federal exemptions are not used, except those referenced in Florid Statutes and others.

Homestead

Florida provides for a very generous homestead exemption, which though limited in the size of the parcel, the value of the real property is unlimited.

Personal Property

Personal property in the amount of $1,000 is exempt, bu another $4,000 is allowed if a person does not have the benefit of a homestead exemption. Another $1,000 in equity in a vehicle is also exmption.

Intangible Personal Property

Various other intangible prersonal property is also exempt, including some aspects of life insurance,  disability insurance, social security, retirement benefits, workers's compensation, and unemployment benefits.
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