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The Lowdown on Business Loans
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Finally, if you're married, the lender may insist that your spouse cosign the promissory note. If your spouse cosigns the loan, not only is your jointly owned property completely at risk for this joint debt, but also any assets that your spouse owns separately -- a house, for example, or a bank account. What's more, if your spouse has a job, his or her earnings will be subject to garnishment if the lender sues and gets a judgment against the two of you.
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