Legal Question in Bankruptcy in Virginia

I did secure a loan with collateral for a Business of a friend. This business is standing in front of a financial disaster. The collateral I disclosed is jointly owned by me and my wife. Can the bank touch this collateral even if itís jointly owned and my wife did not signed any paper to secure the loan?

Asked on 8/15/11, 5:00 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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Would seem to depend upon the nature of this collateral and the kind of title under which it is held, i.e., if it's the marital home which you hold jointly with your wife as Tenants by the Entireties, then the answer must be no (the home is safe from the grasp of creditors).

However, if it's another kind of property which is not held as Tenants by the

Entireties, then your share or interest in it could possibly be within the reach

of such creditors' action for attachment or other enforcement action.

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Answered on 8/20/11, 11:05 am

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