tenancy by the entirety

[scorpion35]

can someone explain what tenancy by the entirety is/how it works?
florida is a Full Fledged Tenancy by the Entirety State

thank you

[newbie2]

http://legal-dictionary.thefreedictionary.com/Tenancy+by+the+Entirety

Google is good :-)

[keepmine]

This may help.

http://www.bankruptcyorlando.com/2007/03/new_residents_i.html#more

and a couple of more cases.

In re Schwarz,(Bankr. SD Fla. Olson

The January 30, 2007 case of In re Schwarz, (Bankr. SD Fla. Olson) held certain real property as exempt from administration in the estate under 11 USC 522 (b)(3)(B) which allows for the exemption of any interest in property which the debtor held as tenants by the entireties to the extent that it is exempt from process under applicable non-bankruptcy law.

In this case, the debtor was unable to exempt his real property under the Florida homestead provision of Art. X Section 4 (a)(1) of the Florida Constitution as the new provisions of BAPCPA of 11 USC 522 (b)(3) required the debtor to use the Maryland exemptions as the debtor had not been a domiciliary of Florida for the entire 730 day period prior to filing of the bankruptcy case. The parties agreed that Maryland does not provide for a specific homestead exemption. Nonetheless, the debtor was able to exempt his entire interest in the real property in Florida as he held it as tenants by the entireties on the date of filing pursuant to section 522 (b)(3)(B).

It is significant that the Court looked to Florida tenants by the entireties law as the "applicable non-bankruptcy law" for such determination and not Maryland law.

Property held by a debtor in a tenancy by the entireties is exempt from the claims of individual creditors in bankruptcy under Florida common law with certain exceptions for joint creditors or fraudulent conveyances. In this case, there were no joint creditors nor any indication of a fraudulent conveyance.

Interestingly enough, section 522 (b)(3)(B) does not require the debtor to be residing in the property on the date of filing, but only requires that the debtor hold an interest in the property as a tenant by the entireties immediately before the commencement of the case. In this case, the debtor did not move into the property until after the filing of the case but held an interest in the property as a tenant by the entireties before the commencement of the case.

In Buonopane B.R M.D.Fla, 2007

Judge Williamson of the Middle District of Florida issued his decision in the case of In Buonopane B.R M.D.Fla, 2007 On January 26, 2007 in which he held that the cap imposed by BAPCPA on the state homestead exemption that a debtor can claim in residential property acquired within 1,215 days of the petition date applied only to the Florida homestead exemption that the debtor could claim under 522(b)(3)(A) and not to the separate entireties exemption available under section 522(b)(3)(B). Section 522(b)(3)(B) provides for the exemption of property held as a tenant by the entireties. This decision is in accord with Judge Olson's recent decision in the Southern District of Florida in the case of In re Schwarz of the S.D. Fla.).The Court stated while its ruling would appear to provide a way for a debtor to "end run" the $125,000 cap contained in section 522(p), that its ruling is consistent with the legislative history of section 522(p)(1) which was directed to close the "mansion loophole" and not against a state's common law on tenancy by the entireties..

All of the case law on "tenanct by the entireties" include inherently to only ONE maried debotor filing "married but not filing solo."

This strategy is worthless if both spouses have substantial unsecured debt in both names.

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[junker]

as was stated in post, you have to be married in florida to get tenancy by entirity...i tried to get it when i lived there...but was told all i could get was tenant in common..because we werent married.... with tenant in common...a judgment lien or abstract lien survives your demise and is attachable to your half of property....with joint tenancy the judgment dies when you do....

[scorpion35]

as was stated in post, you have to be married in florida to get tenancy by entirity...i tried to get it when i lived there...but was told all i could get was tenant in common..because we werent married.... with tenant in common...a judgment lien or abstract lien survives your demise and is attachable to your half of property....with joint tenancy the judgment dies when you do....

i am married.
does tenancy by entirity also protect everything inside the house?

[junker]

no...it does not mean entire household possessions....i believe it says REAl porperty...not personal property.

[keepmine]

In Fl. you can also open a bank account and title it T by E.

http://www.assetprotectionfl.com/2008/11/careless-paperwork-can-forfeit-tenants-by-entireties-protection.html

[scorpion35]

no...it does not mean entire household possessions....i believe it says REAl porperty...not personal property.

Most states with entireties protection afford the protection only to real property. In Florida, unlike most other states, all types of property, including all real property, tangible personal property, and intangible personal property, may be owned by a married couple as tenants by entireties. Whether a married couple owns property as unprotected joint tenants with survivorship or as protected tenants by entireties depends on the intent of the spouses. The Florida Supreme Court has said that any real or personal property owned jointly by a hustand and wife is presumed to be owned as tenants by entireties.


i think u are wrong

[junker]

[junker]

[SunshineGal]

From what I understand, TBE applies to household items as well providing you were already married when you acquired them.

[scorpion35]

From what I understand, TBE applies to household items as well providing you were already married when you acquired them.

thats what 4 lawyers told me

[OHBOY]

[scorpion35]

thats funny