How will my mother's bankruptcy affect me?

[crystalyn]

What is the name of your state? Arizona

Could someone please answer this question for me. My name is currently on the same checking account as my mother's. I have a separate account in my name alone. However, my name is on her account in case there ever was an emergency and I needed to get money out for her. My mother has been having financial difficulties and may need to declare bankruptcy at some point. All of her debts are in her name only. We do not share any debts together. My question is: If she were to declare bankruptcy how would I be affected since my name is also on her checking account? Could I potentially be held responsible for any of her debts? Could the people she owes money to try to make me pay? I would like to keep my name on her bank account, but not if I would be affected by her bankruptcy. Thank you for answering my question!

[Ladynred]

If she were to declare bankruptcy how would I be affected since my name is also on her checking account?

You should not be affected at all. She will have to declare the account as an asset.

Could I potentially be held responsible for any of her debts?

Absolutely not.

Could the people she owes money to try to make me pay?

No, how could they ?? You're not on any of her debts. Your name on her account means NOTHING as far as her debt are concerned.

I would like to keep my name on her bank account,

No reason you can't. However, a BETTER solution would be to have your mother give you a power of attorney rather than having your name on her accounts.