Florida Has an Unlimited Homestead Exemption..

Florida has an unlimited Homestead Exemption, in terms of the Fair Market Value of the Homestead. Provided you property sits on less than one-half acre in a municipality of less than 160 acres if outside a municipality, then the property can have an unlimited value in Fair Market Value.

However, if you lived in your Homestead for less than 1215 days before filing Bankruptcy, you are limited to using the Federal Exemption, as it applies to your Homestead property. As of the time of the writing of this blog post, the Federal Exemption for the Homestead was approximately $147,500 for a single Debtor filing Bankruptcy, and twice that figure for a Husband and Wife jointly filing Bankruptcy.