Legal Question in Business Law in Maryland
Seizing joint assets
If the business you own goes under and you have debts, can the creditor go after your joint assets (such as joint savings, house, car...). If yes, how do they actually gets their money? And which jurisdiction does this fall under: the company's, the owner's or the creditor's?
Asked on 9/16/08, 12:32 am
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: Seizing joint assets
Assuming by "joint assets" you mean marital assets, and further assuming your spouse is not involved in the business and didn't sign as a guarantor on any contracts, promissory notes, etc., those assets are safe from attachment by creditors of the business. That includes your house, joint bank accounts, jointly title vehicles, etc.
Answered on 9/16/08, 3:09 pm
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