My spouse is filing bankruptcy for the investment she's guaranteed for her friends. Our assets are all tenants by entirety. Is our assets protected?
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Your assets are her assets; as such they will be subject to the claimsof the creditors of her bankruptcy estate. There is certain property that will be considered to be "exempt" property however. Exactly what and how much depends on whether or not you use federal or, if applicable, state exemptions.
Right now you need to consult with a bankruptcy attorney in your area.
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