FLORIDA BANKRUPTCY LAW

Florida Bankruptcy: Attorneys, Statistics, Exemptions and Courts.

Florida Bankruptcy Statistics: In Florida, in 2009, 97,087 bankruptcies were filed. Business Bankruptcies accounted for 4,929 and Personal bankruptcies’ accounted for 92,158 or 94.92% of bankruptcies.

Florida State Bankruptcy Exemptions

Homestead

The home, whether real property or a mobile home, is exempt up to ¼ acre in a municipality or 160 acres elsewhere. The spouse and children of a deceased homeowner are entitled to this exemption.

Personal Property

The following exemptions are unlimited.

1. These deposits are exempt: prepaid college accounts, prepaid medical savings accounts, prepaid hurricane savings account, pre-need funeral contracts
2. Federal income tax refunds or credits
3. Heath aids

The only limited exemption is the motor vehicle exemption, which is limited at $1000.

Insurance

The following categories of insurance benefits are exempt when a debtor files for bankruptcy in Florida.

1. Death benefits are exempt, when they are payable to a specific beneficiary and not the deceased’s estate
2. Annuity proceeds – with the exception of lottery winnings
3. Disability or illness benefits
4. Life insurance – the contract amount or the cash surrender value
5. Fraternal society benefits

Pensions

The federal pension exemptions (Erisa-qualified plains) are exempt when a debtor files for bankruptcy in Florida, even though, in general, the federal bankruptcy exemptions do not apply.

The following types of pensions are exempt.

1. IRA
2. Roth IRA

The following individuals’ pensions and their survivors’ benefits are exempt.

1. State officers and state employees
2. County officers and county employee
3. Firefighter pensions
4. Police officer
5. Teachers

Public benefits

The following public benefits are exempt when a debtor files for bankruptcy in Florida.

1. Social Security benefits
2. Public assistance
3. Unemployment compensation benefits:
4. Veterans benefits
5. Workers’ compensation
6. Crime victims compensation is exempt in the entirety if the bankruptcy debt is not for the treatment of injuries received during the commission of the crime

Tools of the trade: No

Wages

The wages of the head of the family are exempt in their entirety, paid or unpaid. Other wages are 100% exempt up to $500 a week. However, if the wages are deposited into a bank , they are exempt up to $500 a week for six month after depositing

Miscellaneous

Child support and alimony exemption is limited by what is necessary for support of the child or spouse in case of alimony.

Damages received by employees in hazardless occupations for injuries sustained at work are entirely exempt.

Wild card: Any personal property valued up to $1000 for a single person and $2000 for a married couple can be exempt when a debtor files for bankruptcy in Florida.

Federal Bankruptcy Exemptions: No

Florida Bankruptcy Courts:

United States Bankruptcy Court, Middle District of Florida

United States Bankruptcy Court, Northern District of Florida

United States Bankruptcy Court, Southern District of Florida