I have a variable annuity through TIAA-CREF. Is this income exempt in Ch. 7 Bankruptcy?

The proceeds of an annuity contract issued to a resident of Florida are not subject to the claims of creditors. The operation of this exemption is best illustrated by Goldenberg v. Sawczak, 791 So.2d 1978 (Fla. 2001). Dr. Goldenberg placed several million dollars into an annuity, commenced practicing medicine without insurance, then committed a serious act of malpractice a few years later, and finally declared bankruptcy during the malpractice trial. The Eleventh Circuit certified the question of whether the surrender value of the annuity is exempt, rather than just the “proceeds” as is written in the text of the statute, Section 222.14, Florida Statutes. The Florida Supreme Court, in a unanimous decision, held that the surrender value of an annuity contract is exempt if subject to a contractual surrender penalty, thereby shielding from the malpractice victim Dr. Goldenberg’s largest asset.