Bankruptcy laws are set by the federal government, but states are granted some flexibility in how they apply those laws. When it comes to bankruptcy exemption laws, each state has quite a range of application for protecting assets. Luckily, Florida bankruptcy laws are one of the more lenient states for protecting your property.
Peace Of Protection
Although Florida has had a rough go of it in the foreclosure crisis, bankruptcy has been able to help many residents keep their home. As one of the few states that offers a homestead exemption of a home with an unlimited value, Floridians are fortunate that their state is lenient with home values that qualify for protection. Unlike the federal exemption cap $22,975 of your homes equity, the state of Florida has a no limit exemption for home that are less than one-half acre in the city limits or less than 160 acres outside of a municipality.
Personal property protection allows for $1,000 of any person property, or up to $4,000 if the homestead exemption is not claimed. Motor vehicles up to $1,000 value are protected, as well as offering a wildcard exemption applied to any one piece of personal property up to $4,000. Further, insurance, disability, military, annuity, pension, retirement and public benefits are all safe from seizure under Florida bankruptcy laws.