Florida has long been known as the debtor's haven. With the exception of Texas, Florida has the most liberal exemption laws in the country. Contained herein is a list of the allowed exemptions under Florida Law. It is important to note, however, that there are exceptions to every rule. Just because an item is initially allowed as an exemption, does not mean in the end it will be allowed.

This web page will give you a generic idea as to what is available. Each case, however, must be looked at on an individual basis to verify the applicability of specific exemptions.

HOMESTEAD: First, Article X, Section 4 of the Florida Constitution permits a person to claim exempt from the claims of his creditors his homestead. The allowed exemption is of an unlimited value, provided that the property does not exceed the applic acreage restrictions.

PERSONAL PROPERTY: Article X, Section 4 also allows for a claim of $1,000.00 worth of personal property to be exempt as well as tenancy by the entireties property. Tenancy by the entireties is property owned by a husband and a wife which meets certain requirements.

ANNUITIES: In addition to the above, annuities and life insurance policies are permitted to be exempted from the claims of creditors and from the bankruptcy estate in an unlimited value.

AUTOMOBILE: $1,000.00 worth of equity in any one vehicle may be exempted.

WAGES: Wages earned by the head of household, with certain restrictions may be exempted.

MISC.: There are additional exemptions allowed under Florida Law which include, but are not limited to, unemployment compensation, disability income, prepaid college funds, medical items (such as wheelchairs, etc.) and like items.

The above items constitute the majority of exemptions which are allowed under Florida Law. There are additional items not listed herein and an attorney should be consulted before making any type of exemption claim.

IMPORTANT NOTICE:

THERE IS CURRENTLY PENDING LEGISLATION BEFORE CONGRESS WHICH CAN MATERIALLY ALTER THE EXEMPTIONS SET FORTH ABOVE. BEFORE FILING BANKRUPTCY, THE STATUS OF THIS LEGISLATION MUST BE DETERMINED IN ORDER FOR YOU TO UNDERSTAND YOUR RIGHTS UNDER THE LAW.