From the Editor – Property of the Estate and Exemptions • NACTT Academy

From the Editor – Property of the Estate and Exemptions

By The Honorable William Houston Brown (Retired)

Lack of timely objection to exemption did not prevent trustee asserting higher than scheduled value of entireties property. The Chapter 7 debtor had scheduled tenancy by entireties property value at $260,000, but the lack of timely objection to the claimed exemption did not prevent the trustee from asserting a higher value. Applying Florida law, the debtor may not exempt the entireties property to the extent there were joint creditors against both spouses, and the debtor overstated the amount of exemption that was available over and above the joint . . .

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