- Some investments survive a bankruptcy (ie. you get to keep them even if/when you hit the wall) and others do not. God is in the details on this one kids. This is a very jurisdiction-specific comment.
I know you plan to be the next billionaire franchisee but you should get solid legal advice (from a bankruptcy attorney because I am not a lawyer) where you live before you sign anything.
This is a good idea to look into this if you’re already a franchisee, too.
This goes for your partner, as well. Most franchise relationships try really hard to have your spouse co-sign. [They may be after your net worth too. Do not, soft-headedly, loan hubby more of what the industry calls: love money.]
Three rules about a spouse signing any franchise document [agreement, bank debt, etc.]:
- Don’t do it, ladies,
- Don’t do it, ladies, and
- Don’t do it, ladies.