BK Question

We are severely in debt (lay-off and medical bills) and have had many credit cards charge off. I am doing the best I can to pay them off. Our house is for sale and we will pay them off with the proceeds from that.

We considered filing BK but I don’t think we can because, although we are dead broke, my hubby’s Mom has money invested in various accounts in her name and my hubby’s name. As I understand it, if we were to file BK, because his name is on some of those accounts, the courts would be able to take half of whatever is in there to pay off our debt. Does anyone know if this is correct? If so, then we will be unable to file for BK because of this. What a pain. The one light that we could see to get back on track and I don’t think we’ll be able to do it.

I appreciate any advice or suggestions anyone may have.