Legal Question in Credit and Debt Law in Pennsylvania

I am married and have my own business,business property.

both were purchase by me and only list myself as owner,

since i'm looking to borrow money/loan against business

and real estate,the bank wants both me/husband on loan.

my accountant says for collateral reasons it makes sense,

i don't know why since i wanted to keep things seperate?

establish my business in my name only?

i live in pa. what is the law? indiv/married?


Asked on 8/04/09, 10:45 pm

1 Answer from Attorneys
Matthew Nahrgang Nahrgang & Associates, P.C.

In Pennsylvania, assets owned by a married couple which were bought during the marriage, are projected from the creditors of one spouse. That is why it is common for lenders to seek a spouse�s signature so that they have some recourse if the debt is not repaid.

I trust this answers your question but feel free to call or e-mail on a free initial basis.

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Answered on 8/10/09, 1:17 pm


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