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Yes. It could be a serious issue. The reason why is when the daughter-in-law's name is ***** ***** title the title is transferred fully to the joint owner and as this is a non-arms length transaction (this is a relative] this transfer can be seen as being done to defeat creditors which would be considered fraudulent and the transfer could be set aside.
It is likely best for the daughter-in-law or the joint owner to consult with a lawyer face to face before the daughter-in-law considers declaring bankruptcy at this point in time.