Florida Bankruptcy Exemptions Explained
- Melissa A. Youngman
- 3 days ago
- 2 min read
Chapter 7 is technically a liquidation proceeding, meaning the Chapter 7 trustee can marshal any property not protected by statutory exemptions into the Chapter 7 estate to be liquidated and sold for the benefit of your creditors. State and federal exemption laws determine what property you get to keep when filing Chapter 7. Whether you opt to take the federal exemptions or Florida's state exemptions is a strategic decision you should discuss with an experienced Florida bankruptcy attorney.
The good news?
✔ Florida has one of the strongest homestead exemption laws in the country.
Florida Homestead Exemption
Florida’s homestead exemption is famous because it potentially protects:
An unlimited amount of home equity (on up to a half acre of land within city limits)
As long as the property is your primary residence
And meets Florida’s other residency requirements
This protects thousands of Winter Park and Orlando homeowners each year.
Personal Property Exemptions
Florida exemption laws allow you to protect:
$1,000 in personal property
Plus $4,000 if you do not claim the homestead exemption (“wildcard exemption”)
This may include:
Furniture
Electronics
Clothing
Jewelry
Cash or bank balances
Vehicle Exemption
You can protect:
$5,000 in vehicle equity
Plus additional amounts under the wildcard exemption so long as you do not own your home
Wages and Benefits
Florida protects:
Head-of-household wages
Social Security income
Disability benefits
Qualifying retirement accounts (100% protected)
Why Understanding Exemptions Matters
Most Chapter 7 cases in Central Florida are “no-asset cases,” meaning the filer keeps everything they own because they have no property that is not protected by statutory exemptions.
A bankruptcy lawyer can show you how to apply statutory exemptions strategically to protect your home, car, income, and personal property when you file your Chapter 7 case.
👉 Need help understanding which exemptions apply to you?Schedule a consultation with our experienced Chapter 7 attorney, Melissa Youngman, at calendly.com/melissayoungman/bkconsult or use the button below.
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