Legal Question in Credit and Debt Law in Florida

My husband and I live in Florida and he is manufacturing a garment for a store that is presumably giving him a huge purchase order. He is using a factor to put up the money, and must give a personal guarantee. We file joint taxes and own a home in Palm Beach county. Retail stores can be weird. If for some reason the store turns back the goods, he claims because my name is not on the loan, I am protected. However, I explained to him if he signs a personal guarantee, why can't the factor go into our joint checking accounts and take our assets since both our names are on the accounts? I'm not a lawyer--that's fear talking. Can they take our home, car? I'm really scared as I believe in my husband, but not comfortable with this idea of a personal guarantee. Thank you.

Asked on 4/05/21, 9:19 am

1 Answer from Attorneys

David Slater David P. Slater, Esq.

If they obtain a judgment against your husband on his guarantee, joint asserts can be attached, placing the burden on you to prove who contributed to them and in what degree.

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Answered on 4/05/21, 9:44 am

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