TBE Pitfall in Florida Bankruptcy Law
In Florida, there exists an exemption in bankruptcy called Tenancy by the Entirety (TBE). TBE is a collection of property that can only exist between a husband and wife where both spouses own and control the entire collection. This property is exempt from creditors who own an individual debt in one of the spouse’s name. However, this property is not exempt from creditors who hold joint debts of both spouses.