How is my interest in jointly held marital property calculated?

[peanut12]

Hi Everyone,

Thank you so much mods for having this site! And thank you to all who are sharing and helping others.

I live in Florida - A tenancy by the entirety state.

I am married and will be declaring personal Chapter 7 bankruptcy on debts held only by myself, not my husband.

If I file alone, how is my interest in jointly held marital property calculated? I am trying to see if I come up under my $5,000 total personal property limit. ( I get $4000 personal property exemption if I am not using a homestead exemption - which I am not, plus another $1000 car exemption )

For example, if I report I have $1000 in household furniture owned by both me and my husband jointly….does only $500 get counted against my $5k exemption because I have a 50% interest?

Same for a jointly owned automobile? If car is worth $4000, owned free and clear, is only $2,000 used to apply to my total personal property exemption?

Thanks All!

[SunshineGal]

Sorry that it took so long for me to see this thread, hope you haven't filed yet. Florida has very generous Tenancy by the entirety laws! They apply to real, titled, and also personal property. However, there are loop holes and rules so make sure you hire an attorney that understands them. I actually had one tell me there was no such thing, luckily he was wrong. There's a site by Jonathan Alper where he writes a BK blog and also an asset protection blog. Google him and spend some time on his TBE articles, you'll be glad you did.

SG