What happens when your spouse personally guartanee a business loan?

My spouse has personally guaranteed a business loan (without my knowledge). The loan was to purchase equipment which there is no longer work for (economy driven). What happens if defaults on the loan? What happens to our joint assets? Specifically, my house and car? I am no way connected to the business which is incorporated. Am I liable for this debt?





Any feedback would be greatly appreciated.What happens when your spouse personally guartanee a business loan?
It depends if the business was formed as a LLC (Limited Liability Corp). Personal assets are shielded from the company.





If it is actually a personal business, then everything you own jointly can be used to satisfy the debts of the company unless he put the house up as collateral without your knowledge.





But, not knowing how the loan was drawn up, personally guaranteeing the loan may expose everything you own, regardless of being an LLC. You need to check with an attorney and get copies of the loan documents and business documents.What happens when your spouse personally guartanee a business loan?
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business.





http://www.worldbestloans.com/businessloans.htm





Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.