West Palm Beach Bankruptcy Blog

9 Bankruptcy Exemptions Available in Florida

Nonexempt property is property that a bankruptcy trustee is entitled to take and sell in order to pay your creditors. Exempt property, on the other hand, is property you are allowed to keep during and after your bankruptcy. Of course, the more exempt property you have, the better off you are. The following are nine types of exempt property available in Florida:

1. A homestead exemption that includes real property or personal property (including a mobile or modular home) to unlimited value. However, it cannot exceed one-half acre if it is located within a municipality or 160 acres elsewhere.
2. Annuity contract proceeds.
3. Death benefits payable to a specific beneficiary.
4. Disability or illness benefits.
5. Fraternal benefit society benefits.
6. Life insurance cash surrender value.
7. Alimony.
8. Child support.
9. Damages to employees for injuries in hazardous occupations.