Will tenancy by the entirety protect my property?

A tenancy by the entirety is a property ownership where each spouse owns the entire estate. Therefore, neither spouse can deal with the property independently of the other. One advantage of this is that if one spouse files for bankruptcy and the properties in question are under both spouses name, then that property will be protected under tenancy by the entirety.

However, if both spouses file for bankruptcy, the properties would not be protected under tenancy by the entirety and the properties may be liquidated in order to pay back the creditors who are owed (provided that the house in question is an exempted).