Florida Exemptions
As most people are aware, Florida is
known as a debtor's haven. The exemptions available to Florida residents create great
obstacles and challenges for creditors. However, unless properly directed, many debtors
fail to fully take advantage of these exemptions. In dealing with both creditors and
debtors, Schatzman & Schatzman, P.A. possesses the unique ability and knowledge to
properly counsel its debtor clients and is sensitive to the concerns and demands of its
creditor clients.
Some of the exemptions generally
available in Florida include an unlimited homestead; wages (with some exceptions);
$1,000.00 in personal property (an additional $4,000.00 may be available if not claiming a homestead); unlimited pensions, annuities and retirement accounts;
$1,000.00 equity in an automobile; life insurance proceeds and cash surrender value; and
prepaid college tuition.
While most people believe that a
person's wages are entirely exempt from attachment in Florida, such is not the case. In
1994, the Florida legislature passed several amendments to the Florida exemption laws,
including the wage exemption. An individual's earnings are only exempt if he/she provides
more than 50% of the support for a child or a dependent ("Head of
Family"). And even if they qualify as a Head of Family, such earnings, if
traceable, may only be
exempt for a period of six months. If someone does not qualify as a Head of Family, a creditor
may garnish up to 25% of the debtor's weekly disposable wages or salary.
FLORIDA
EXEMPTION STATUTES
| Art. 10, §4(a)(1); F.S.
§§222.01, 222.02,
222.05 |
Homestead-160 acres outside of a municipally or one-half acre
within a municipality (Under the new Bankruptcy
Code, enacted April 20, 2005, the exempt portion of a Homestead may be
limited to $125,000.00 of equity) |
| Art.10, §4 (a)(2) |
Personal Property - $1,000 per
person |
| F.S. §222.25(4) |
Personal Property - up to $4,000 per
person if not claiming or receiving benefits under Florida's homestead
exemption |
| F.S.
§121.131 |
Retirement benefits - Public employees - 100% |
| F.S.
§122.15 |
Retirement benefits - county officers and
employees - 100% |
| F.S.
§175.241 |
Retirement benefits - Firemen - 100% |
| F.S.
§185.25 |
Retirement benefits - Police - 100% |
| F.S.
§222.11(2)(a) |
Head of Family - Disposable earnings<
or =$500/week-100% |
| F.S.
§222.11(2)(b) |
Head of Family - Disposable earnings>$500/week-100%
unless otherwise agreed to in writing |
| F.S.
§222.11(2)(c) |
Non-Head of Family - Disposable
earnings>$500/week-greater of 75% or 30 x federal minimum wage |
| F.S.
§222.13 |
Life insurance proceeds-100% |
| F.S.
§222.14 |
Life insurance - cash surrender
value/annuity
contracts-100% |
| F.S.
§222.18 |
Disability benefits - 100% |
| F.S.
§222.201 |
Property listed in subsection (d)(10) of
section 522 of Bankruptcy Code |
| F.S.
§222.21(1) |
Pension money of U.S. pensioner -
3 months if
needed for support |
| F.S.
§222.21(2) |
Retirement or profit-sharing benefits qualified
under IRS 1986 - 100% |
| F.S.
§222.22 |
Prepaid Education Expense Trust
Fund - 100% |
| F.S.
§222.25(1) |
Equity in one motor vehicle - $1,000 |
| F.S.
§222.25(2) |
Health aids, professionally
prescribed - 100% |
| F.S.
§222.25(3) |
Interest in a refund or a credit
received or to be received pursuant to § 32 of the IRS Code - 100% |
| F.S.
§238.15 |
Retirement benefits - Teachers -
100% |
| F.S.
§443.051(2) |
Unemployment Compensation
Benefits - 100% except
support |
| F.S.
§497-413 |
Preneed Funeral Contract Consumer Protection
Fund -100% |
| F.S.
§620.68(2)(c) |
Partnership property, specific |
| F.S.
§632.619 |
Fraternal Benefit Society Benefits 100% |
| F.S.
§744.626 |
Veteran's benefits - 100% |
| F.S.
§769.05 |
Damages for Injury or death at work, hazardous
occupations - 100% |
| F.S.
§960.14 |
Crime victim's compensation -
100% |
| F.S.
§440.22 |
Workers' Compensation |
|
