Possibly. She'll need to discuss that and how she might persuade a court that "it's not really her money" with her bankruptcy lawyer.
Possibly. She'll need to discuss that and how she might persuade a court that "it's not really her money" with her bankruptcy lawyer.
My wife is on her mom's accounts for the reason that he mom has trouble getting around, and we had a discssion at home here about liabilty issues, as we own rental properties and businesses, and wondered if we would be putting her assets at risk.
You be on safer ground if income on the account is reported to the IRS on her mom's SS# all along, which is so in our case. But to be completely safe, roll the money over to another account where her mom is the "account holder" and your wife only has the "power of attorney".
To avoid the issue of hiding assets, let a period of time pass if at all possible. Don't move the money around one day, and file bankruptcy the next.
You may want to consult an attorney on this.