Bankruptcy Possessions Paid for by Couple, Owned by Couple

Описание: http://laniganpl.com/practice-areas-b... (Winter Park, Florida) bankruptcy attorney Eric Lanigan explains that when one member of a married couple files bankruptcy possessions can be sold to satisfy the bankruptcy trustees.

However, when a piece of property is paid for by the couple, the possession is actually owned by the married couple and the tenancy in the entirety becomes a matter to be decided.

For example, a watch owned by the husband, but paid for from the couple's joint account, actually makes the watch a piece of property owned by the tenancy in the entirety. Just as a car would be. The fact that the item is only worn by the husband doesn't matter. The item was paid for by the couple from its joint bank account.

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.

This makes the property one which is secure from creditors. Now, thinking that you can determine this or prove it in federal bankruptcy court is not a wise decision. Only an experienced bankruptcy attorney can know legally what can be achieved or argued in court.

Consult with Eric Lanigan and Roddy Lanigan if you have to file bankruptcy. The Lanigans will carefully review with you what it is that you own, what is exempt and what is not from bankruptcy trustees and creditors. Call 407-740-7379 to set a meeting with the Lanigans in the (Winter Park, Florida) office.