Legal Question in Bankruptcy in Florida

Re: Bankruptcy - Joint Property

Hello: I can only give a general response to your question as I do not have all of the facts. For example, you do not mention whether you intend to file a chap. 7 or chap 13.

Basically, your interest in that property does not prevent you from filing BR. The value of your interest in that prop. is included in your assets. If you want to file a chap. 7, you can only keep $1000.00 if you are filing as single person or $2000.00 if you are filing jointly with spouse. If your property is over the exempt amount, you could still file a chap 7 (if you qualify under the income limit), but sometimes when debtor's property exceeds the exempt amount, debtor makes an agreement with the trusatee's office to make some monthly payments to the trustee (to go to unsecured crditors) or to surrender some property. Under a chap. 13, debtor keeps all his/her property. The higher the value of debtor's total property, the more debtor must pay monthly to the trustee.

'Hope this helps. Tom Rosenblum