Florida’s Homestead Exemption

Florida’s homestead exemption protects the entire value of your home if you file for bankruptcy, with just a few exceptions.

How much will protect?

Florida is a unique state for filing bankruptcy. Unlike other states, Florida’s homestead exemption allows for 100% of the equity in your home to be protected from Chapter 7 or Chapter 13 bankruptcy.
Keep in mind that the exemption only protects you if you are current on your mortgage payments and stay current, even after the bankruptcy. If you don’t keep current your lender can foreclose on your home.

Who can file for Homestead Exemption?

Any Florida resident that has lived in the State for two or more years. Do keep in mind that the exemption only applies to your principal residence, and in Florida, you must register your home in order to claim the exemption. A second home, be it Florida or in another state, will qualify.

My home has no equity!

If a debtor does claim or take advantage of the homestead exemption because they either do not own a home or their current home has no equity, they can the Florida bankruptcy wildcard exemption.
This exemption allows for up to $4,000 of personal property to be claimed, $8,000 if you are filing bankruptcy as joint debtors.

Are there limits to the Homestead Exemption?

Just a couple, the two major ones are the size of the lot, not the price. In a municipality the lot size is limited to 1/2 acre, everywhere else the limit is 160 acres.

The Florida Homestead Exemption Statute

Florida’s homestead exemption is found in the Florida Constitution Article 10 § 4 and the Florida state statutes at Florida Statutes Annotated § 222.01 through § 222.05.


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