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Bankruptcy

: Florida Bankruptcy Law

Joint Tax Refund: Is It Exempt As Entireties Asset?

By Jonathan Alper

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I would expect that tax refunds payable to husband and wife who filed taxes jointly would be considered tenants by entireties property exempt from the creditors of either spouse. A bankruptcy trustee challenged the exemption of a joint tax refund in a recent Orlando, Florida bankruptcy case. The trustee argued that either spouse, acting alone, can unilaterally revoke the couple?s election to file a joint taxt return (and therefore receive a joint refund) in a number of different ways even after read more

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Full post as published by Florida Bankruptcy Law on May 30, 2008 (boomark / email).

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