Bankruptcy is the worst thing that can happen to you. This is why you need to prepare for it. I am not saying that you will be go bankrupt any moment from now. Let’s just say that readiness pays and it would be better to do to something about it while you can rather than wait for it and risk losing everything that you have. Appointing spouses as personal guarantor to banks and creditors is the most common error that a lot of people make. The moment the spouse serves as the personal guarantor, the moment that your spouse signs the deed, you’re both dead. I mean, you can be sure that the moment you go bankrupt or if investment failure occurs, your bank or creditor can held you both as liable. While it may seem unlikely for banks and creditors to grant your loan without your spouses’ personal guarantee, it certainly is not impossible. As a matter of fact, personal guarantees are not considered to be staple requirement in getting a done. What your advisers did not tell you is that you can get a deal done even if your spouse doesn’t serve as personal guarantor and there is definitely no need to make them sign the deed. Banks or creditors will often ask you to get your spouse to be the personal guarantor. They say it is necessary so that the transaction will push through, what they don’t tell you is that, getting your spouse’ personal guarantee serves for their benefit and not yours.
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