
Quoting
tomes
Hope I'm in the right section. I have searched for the answer on the internet, but not found conclusive answer to our exact situation.
My mother in law recently got very ill, so my wife, in order to help out, joined herself to her mother's checking account, in order to help pay bills out of it. It should be noted that there is a substantial equity loan with the same bank, connected.
After starting to look through her mother's financial situation, we found that her mother has a severe gambling issue, which means she has several loans and credit cards, eating up most of the value of her house. We are worried that if this goes on, she will end up in a situation where her assets won't cover her debts when she passes away.
Since my wife's name is now on her checking account, will her creditors deem this to mean we assume responsibility of any of her debt? I understand any money in the actual checking account would go to pay debts, but I'm worried the connection follows through to her sizable equity loan as well...
If we are in a risky position, will it help to have my wife removed from the account, and if so, is there a way my wife could still help manage the bills for her mother, without jeapordizing us?
PS: We live in Illinois, while her mother currently lives in Florida.
I appreciate any answer provided.
Thanks