Okay, since you personally guaranteed the debt, then you are personally liable for it. I was hoping you were going to tell me that it's all in the corporation's name. Assuming you all personally guaranteed it, then you're probably jointly and severally liable for it. That means that you each owe 100% of the debt (although the creditor can only collect once). So, for example, if you have many assets, and your partners have none, then it's possible the creditor would sue you for the entire amount owed. You could then demand that the others reimburse you for 1/3rd each, but in this example collecting may be a hassle (which is why the creditor went after you rather than them). If the corporation files for Chapter 7, it won't relieve your liability. You may want to file for bankruptcy yourself. Of course, that depends on your financial situation as well (part of which we're discussing with regard to the house).
For unmarried people, there are generally two ways to own property together: (1) a tenancy in common, and (2) a joint tenancy. They are very similar … in both cases the two people own an undivided 50% interest in the property. The difference is seen when one person dies. With a tenancy in common, if one owner dies, his share goes to his heirs, and then those heirs own the property along with the other original (and still living) owner. With a joint tenancy, each owner has a right to survivorship. This means that when one owner dies, the other owner gets the entire property automatically. It does not pass to the deceased’s heirs. Now, a married couple may own property in either of those two ways, or they may own property a third way: a tenancy by the entireties. This is similar to a joint tenancy with regard to the right of survivorship. It’s different in that neither of you owns an undivided 50% interest … instead, you as a couple are viewed as one person that owns 100%. This difference is important so far as creditors are concerned. If you own the property as a joint tenancy, then one of your creditors may put a lien on your 50% share of the property. However, if you own the property as a tenancy by the entireties, then your creditor cannot put a lien on your 50% share because you don’t have a 50% share … your interest in the property is glued to your wife’s interest. So, unless your wife is also obligated to the creditor, the creditor can’t go after your house.
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