Although property held by husband and wife as Tenants by the Entirety is considered part of the bankruptcy estate, if a debtor files Bankruptcy, Section 522 of the Bankruptcy Code allows the Debtor to claim certain Exemptions. If an Asset is Exempt, then it is exempt or protected from seizure by the Bankruptcy Trustee or Creditors.
Section 522(d) of the Bankruptcy Code lists the Federal Exemptions, but each State, under Section 522 of the Bankruptcy Code, can opt-out of the Federal Exemptions and elect to use their own State Exemptions. Florida is one of the States that have opted-out of the Federal Exemptions. Florida Law recognizes property owned by husband and wife, provided it meets certain criteria, as property held in Tenancy by the Entireties.