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How is my interest in jointly held marital property calculated?


caramia1225
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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!

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