States differ on laws regarding marital property. Florida is a tenancy by the entirety state meaning that real estate and other property owned by the couple are considered property of the marriage and not individually owned by one of the spouses.
For information on property that may be disputed, please watch this video on the Lanigan&Lanigan YouTube channel called, “Bankruptcy Possessions Paid for by Couple, Owned by Couple.”
When you’re considering bankruptcy consult with Winter Park attorneys Eric Lanigan and Roddy Lanigan who have assisted many clients with bankruptcy and foreclosure issues.
This means that property owned by couples as tenants in the entirety will only be property of a bankruptcy estate if both spouses file for bankruptcy as a couple.
If only one spouse files for bankruptcy, the property held in tenancy of the entirety will not be property of the bankruptcy estate. However, other issues arise concerning debts a couple may have taken on jointly.
Issues of marital property are common in the bankruptcy process. Before filing for bankruptcy it is important to have the proper legal representation to guide you through the process.
Deciding whether to file bankruptcy is difficult. Before you make any choices that could effect you and your financial future call Lanigan and Lanigan. For questions you may have about all your legal issues and concerns call Winter Park lawyers Eric Lanigan and Roddy Lanigan.