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?
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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 8 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.
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