If my husband is a small business owner and he must supply a copy of his tax return for a business loan but we filed jointly, can I be held liable for this debt?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my husband is a small business owner and he must supply a copy of his tax return for a business loan but we filed jointly, can I be held liable for this debt?

He is applying for a business loan for $40,000. He is required to furnish a copy of last filed income tax. We filed a joint income tax form which has my name and social security number. I have no legal connection with his business. If he defaults on the loan, am I responsible for it?

Asked on June 26, 2015 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, filing jointly does not make you liable for the loan; you are only *directly* liable for the loan if you signed/co-signed/guaranteed/etc. it.

Of course, if you husband is personally liable for the loan and defaults on it, that will affect you. For example, creditors could reach his share of any marital assets (his share of money in joint bank accounts; his interest in property); could garnish his income, which will reduce family income; and a negative impact on his credit will affect the two of you when making large purchases, like cars or homes. So even though you would not be directly liable unless you sign, etc. the loan, you will indirectly affected by any default.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption