{"id":286843,"date":"2021-04-20T20:29:58","date_gmt":"2021-04-21T01:29:58","guid":{"rendered":"https:\/\/ability-fl-prod.internetbrands.com\/ability-law\/bankruptcy\/bankruptcy-laws-by-state\/florida-bankruptcy-exemptions-and-law.html"},"modified":"2026-08-05T10:30:47","modified_gmt":"2026-08-05T15:30:47","slug":"florida-bankruptcy-exemptions-and-law","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/bankruptcy-laws-by-state\/florida-bankruptcy-exemptions-and-law.html","title":{"rendered":"Florida Bankruptcy Exemptions and Law"},"content":{"rendered":"\n
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Florida Bankruptcy Exemptions and Law<\/h1>\n\n
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\n By Lyle Therese A. Hilotin-Lee, J.D.<\/a> | Legally reviewed by Catherine Hodder, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Key Takeaways<\/h2>\n

If you\u2019re a\u00a0Florida\u00a0resident in debt and having a hard time paying your bills, bankruptcy may offer protection from collection agencies while you take back control of your finances. Filing for bankruptcy can force creditors to accept payment plans or reduced payments, giving you a fresh start free from most debt.<\/p>\n\n <\/div>\n <\/div>\n<\/div>\n\n\n

Bankruptcy is often a last resort for those facing serious debts. The U.S.\u00a0Bankruptcy Courts<\/span>\u00a0are governed by the\u00a0U.S. Bankruptcy Code<\/span><\/a>, but states make their own rules about the property you can protect from creditors. This is known as \u201cexempt property.”<\/p>\n

The\u00a0Bankruptcy Code<\/span>\u00a0offers\u00a0federal exemptions<\/span>, but\u00a0Florida<\/span>\u00a0residents are required to use state exemptions<\/a>. Florida<\/span> has “opted out” of the federal exemption<\/span> system. Instead, state law<\/span> governs what you can protect. In many cases, it protects more than the federal exemptions<\/span>.<\/p>\n

Florida<\/span>\u2019s exemptions are among the most favorable in the country, but they only apply to filers who meet strict residency requirements. You must have lived in Florida<\/span> for at least two years before filing for bankruptcy. If not, you must apply the rules in the state where you lived during the six months prior. Federal exemptions<\/span>\u00a0are used if you no longer qualify for the exemptions in your previous state.<\/p>\n

If you\u2019re considering bankruptcy and need help understanding which process best applies to your case, contact a Florida<\/span> bankruptcy lawyer<\/span><\/a> near you. They can provide you with crucial legal advice<\/span>.<\/p>\n

The Two Types of Consumer Bankruptcy<\/strong><\/h2>\n

To understand how the exemption process works, it helps to know that there are two commonly used types of personal bankruptcy. These are:<\/p>\n