As of the time of the writing of this Blog, IRAs and Roth IRAs are Exempt or protected from garnishment, seizure, or attachment by Creditors in the State of Florida, under Federal Statute, Section 522(b)(3)(C)(n), up to $1,171,650.
Federal Statute, 11 USC Section 522 and Florida State Statute, Section 222.21 provide that all ERISA qualified retirement plans and pensions, are Exempt or protected from attachment, seizure or garnishment, by Creditors in the State of Florida.
The Florida Wildcard Exemption means that a Debtor can Exempt or protect from seizure, attachment or garnishment of Assets by his Creditors, up to $4,000 in Personal Property, if the Debtor does not use the Homestead Exemption. Florida Statute 222.25.
Section 222.25 of the Florida Statutes protects Prescribed Health Aids from attachment, seizure or garnishment by Creditors. Section 222.22(2) of the Florida Statutes protects Prepaid Medical Savings Accounts and Health Savings Accounts Deposits from attachment, seizure or garnishment by Creditors.
Section 222.22(2) of the Florida Statutes protects Education Savings, Health Savings, and Hurricane Savings accounts from attachment or Garnishment by Creditors.
Article I, Section 4 of the Florida State Constitution has an Exemption for Personal Property, wherein Creditors cannot attach more than $1,000 worth of your Personal Property, such as furniture, electronics, and artwork.
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 Read More +
In the State of Florida, if you file Bankruptcy, you will most likely use the State Exemptions of Florida, rather than the Federal Exemptions, or the Exemptions of any other State. There is an Exception to this Rule. To use the State Exemptions of Florida when filing Bankruptcy in Florida, you must be Domiciled in the State of Florida for at least 730 days before filing Bankruptcy. This is known as the 730 day rule. If you lived in more than one State in the Read More +
In 1998, In re McFadyen, a Bankruptcy Court decision in the Middle District of Florida, held that a Federal Tax Lien is enforceable against Homestead property in the State of Florida. There are three exceptions to the Florida Homestead Exemption, in which a Creditor can force the sale of a Homestead, according to the Florida Supreme Court in the case of Havoco of America, Ltd v. Hill: Payment of taxes and assessments on the Homestead; Obligations contracted for the purchase, improvement or repair of the Read More +
Most Florida Courts have held that in order to claim the Homestead Exemption as a protection against Creditors, the homeowner must reside in the property. In 1882 in Drucker v Rothstein, a Florida Court held that a piece of land that was never occupied by the Claimant, as a home or dwelling, and not capable of occupancy, does not qualify as a Homestead under the Constitution of the State of Florida. Furthermore, in the case of In Re. Estate of Ritter, another Florida Court Read More +
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