Florida Bankruptcy Exemptions
May 21st, 2020
HOLLYWOOD FLORIDA BANKRUPTCY ATTORNEY
Florida has numerous exemptions available that can be used to protect your property when filing bankruptcy for both Chapter 7 bankruptcy or Chapter 13 bankruptcy. If the property is exempt then you can keep the property. In most cases when filing a Florida Bankruptcy you will use the Florida exemptions. You must have lived in Florida for 730 days for Florida's exemptions to apply otherwise the Federal bankruptcy exemptions are used or the state you were previously living. Here, we will only discuss Florida exemptions.
HOMESTEAD BANKRUPTCY EXEMPTION
Florida has one of the most generous homestead protections in the country. To claim Florida's homestead exemption you must have owned the property for at least 1215 days before filing and the property must not be larger than one half an acre in a municipality or 160 acres anywhere else. If you meet these requirements you will be eligible to keep an unlimited amount of equity in property. Keep in mind this only applies to a homestead and not to investment or second homes.
PERSONAL PROPERTY EXEMPTION
If you're claiming a homestead exemption then up to $1,000 in personal property, art, and electronics may be exempted. If you're not taking the homestead exemption then up to $4,000 in personal property may be exempted. Further, you can exempt educational savings accounts, health savings and hurricane savings as well as others.
FLORIDA MOTOR VEHICLE EXEMPTION
Up to to $1000 in a motor vehicle equity may be exempted. If you're married you can increase the exemption amount.
Many types of these accounts can be exempted in a Florida Bankruptcy petition including:
- Teacher retirement accounts
- municipal police pensions
- ERISA retirement accounts such as 401Ks, IRAs, 403b, profit sharing, SEP accounts, and other defined retirement plans.
If you're considering filing bankruptcy in Broward, Miami or Palm Beach, contact The Law Office of Shaya Markovic for a free consultation. We are a Hollywood, Florida bankruptcy and consumer protection law firm ready to help you. You can reach us at (786) 529-2176 for a free consultation.