Thursday, February 5, 2015

Florida Bankruptcy Exemptions

Florida law provides certain defined exemptions for property in the following categories:

Homestead - unlimited in value, l/2 acre in municipality, 160 acres outside municipality, Art. X, Section 4, Florida Constitution

Personal Property - to extent of $1,000, Art. X, Section 4, Florida Constitution and a further $4,000 in certain circumstances

Earnings of Head of Family - section 222.11(2)(a), Fla. Stat.

Motor Vehicles - to extent of $1,000, section 222.25, Fla. Stat.

Health Aides Professionally Prescribed - section 222.25, Fla. Stat.

Proceeds of Life Insurance on Florida Resident - section 222.13(1), Fla. Stat.

Cash Surrender Value of Life Insurance on Life of Florida Resident - section 222.14

Annuity Contracts - section 222.14, Fla. Stat.

Disability Income Benefits - section 222.18, Fla. Stat.

Workers' Compensation Benefits - section 444.22, Fla. Stat.

Qualified Tuition Programs, Prepaid College Trust Funds - section 222.22(1), Fla. Stat.

Health or Medical Savings Accounts - section 222.22(2), Fla. Stat.

Educational IRA - section 222.22(3), Fla. Stat.

Property Held as Tenants by Entireties for debts of only one spouse