Florida Bankruptcy Exemptions 2023
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Written by Upsolve Team.
Reviewed September 29, 2021
It's important to understand what the exemptions for Florida are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Florida allow federal exemptions?
Florida does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Florida Exemptions
Fla. Stat. Ann. § 222.25 (1)
Most people use Fla. Stat. Ann. § 222.25 (1) to cover motor vehicle (one vehicle). For single debtors filing, it has a coverage limit of $1,000. This exemption has a limit to the number of assets it can cover.
Fla. Stat. Ann. § 222.25 (2)
Most people use Fla. Stat. Ann. § 222.25 (2) to cover health aids. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 121.131
Most people use Fla. Stat. Ann. § 121.131 to cover state employees and officers retirement accounts.. For single debtors filing, it has no coverage limit. This exemption has a limit to the number of assets it can cover.
Fla. Stat. Ann. § 222.21 (2)
Most people use Fla. Stat. Ann. § 222.21 (2) to cover erisa (employee retirement account). For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 185.25
Most people use Fla. Stat. Ann. § 185.25 to cover police pensions. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.21 (2)
Most people use Fla. Stat. Ann. § 222.21 (2) to cover ira & rotha ira. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 175.241
Most people use Fla. Stat. Ann. § 175.241 to cover firefighters pensions. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.21
Most people use Fla. Stat. Ann. § 222.21 to cover federal public employee benefits and pensions. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 122.15
Most people use Fla. Stat. Ann. § 122.15 to cover county employee pension. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 238.15
Most people use Fla. Stat. Ann. § 238.15 to cover teachers pension. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.14
Most people use Fla. Stat. Ann. § 222.14 to cover annuities. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.22 (1); Fla. Stat. Ann. § 222.22 (3)
Most people use Fla. Stat. Ann. § 222.22 (1); Fla. Stat. Ann. § 222.22 (3) to cover tuition trust or educational fund. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.201
Most people use Fla. Stat. Ann. § 222.201 to cover alimony and child support. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.25 (3)
Most people use Fla. Stat. Ann. § 222.25 (3) to cover earned income tax credit. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.201
Most people use Fla. Stat. Ann. § 222.201 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 769.05
Most people use Fla. Stat. Ann. § 769.05 to cover hazardous occupations injuries. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.18
Most people use Fla. Stat. Ann. § 222.18 to cover disability benefits. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.201
Most people use Fla. Stat. Ann. § 222.201 to cover veterans' benefit. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 440.22
Most people use Fla. Stat. Ann. § 440.22 to cover workers compensation. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.201
Most people use Fla. Stat. Ann. § 222.201 to cover public assistance. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 960.14
Most people use Fla. Stat. Ann. § 960.14 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.11 (2)(a); Fla. Stat. Ann. § 222.11 (2)(b)
Most people use Fla. Stat. Ann. § 222.11 (2)(a); Fla. Stat. Ann. § 222.11 (2)(b) to cover wages - for heads of family (person who is providing more than one-half of the support for a child or other dependent) earning up to $750 per week. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 632.619
Most people use Fla. Stat. Ann. § 632.619 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.201
Most people use Fla. Stat. Ann. § 222.201 to cover social security, public assistance. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.22 (2)
Most people use Fla. Stat. Ann. § 222.22 (2) to cover health savings account. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.13
Most people use Fla. Stat. Ann. § 222.13 to cover life insurance (proceeds). For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.14
Most people use Fla. Stat. Ann. § 222.14 to cover life insurance (cash surrender). For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 497.456 (8)
Most people use Fla. Stat. Ann. § 497.456 (8) to cover funeral trust fund. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 620.153
Most people use Fla. Stat. Ann. § 620.153 to cover partnership property interest. For single debtors filing, it has no coverage limit.
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Fla. Stat. Ann. § 222.25 (4)
Most people use Fla. Stat. Ann. § 222.25 (4) to cover wildcard. For single debtors filing, it has a coverage limit of $4,000.
