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Following is a list of generally allowed exceptions under Florida law. It is important to note, however, that there are many exceptions to this list, and all exemptions are considered on a case-by-case basis.
Homestead: The Florida Constitution permits a person to claim his homestead exempt form the claims of creditors. The allowed exemption is of an unlimited value, provided that the property does not exceed the applicable acreage restrictions.
Personal Property: The Florida Constitution also allows for a claim of $1,000 of personal property to be exempt as well as tenancy by the entireties property (certain property owned by a husband and wife). Florida Statutes allow for an additional $4,000 of personal property exemptions for individuals who do not claim or receive the benefits of a homestead exemption.
Annuities & Life Insurance Policies: Annuities and life insurance policies, in an unlimited value, are exempt from the claims creditors and from the bankruptcy estate.
Automobile: $1,000 worth of equity in any one vehicle may be exempted.
Wages: With certain restrictions, wages earned by the head of the household may be exempted.
There are additional exemptions allowed under Florida Law which include, but are not limited to, unemployment compensation, disability income, prepaid college funds, medical and like items, such as wheelchairs.
As well as exceptions to the above list, there are additional items which may be eligible, but are not included. In addition, there is currently pending legislation which may significantly alter the list above. An attorney should always be consulted before making any type of exemption claim.
