Daughter's college money

[yomama]

Our daughter is attending college, has an apartment in the college town and comes home weekends. Pre-BK when she would receive her loan money (not her tuition money, that's paid directly to the college, but I mean the money she needs for her rent), here's how we all handled it: The loans have been in her name, so the loan checks are made out to her and she had always signed them and one of us would take her to the bank to put it in her savings account (she doesn't drive or have a checking account) and when her rent would be due, we'd draw the money out and write out a check for her rent. I know, it seems like extra work there and it would have been simpler to just put it in our checking account or open one up for her, but she doesn't want one yet, and we didn't want it in our account and take the chance of it gradually getting spent (there are always bills and you just never know, although I'd hope we'd find some other way). So to make sure it would only go for what it was meant for, we did it the way I described. We weren't sure if we should have the money in any account while in the BK process, so I told my husband to just take our daughter to the bank and cash it and then buy a money order with it and pay the rent that way. I didn't want to have the money in anyone's account and make it look like any of us actually have any disposable cash, being that it was already earmarked for her rent. I thought he understood what I meant...I thought he was going to take her to her bank and have her buy the money order and then have her sign it, BUT instead he went to his bank and signed his name on it. Arg! Does this matter at all? The money was for over $1000. It's not like we transferred any money, because it was actually our daughter's money to begin with, going to pay for her rent. I just hope this isn't going to be a problem. You think you have it all figured out and then it doesn't go the way you thought it would anyway because well, I guess he just wasn't thinking. I thought he knew what I meant, and I know that I had told him how to do it but guess he wasn't listening!

[CATCHMEIFYOUCAN]

didn't you just file in your previous post, they already have a snapshot of your financial picture. you are allowed a certain amount of monies in your account. don't forward any extra information at the 341 meeting unless the trustee ask for it. i was really nervous before my 341 as anybody is because i have a gambling addiction, i thought the trustee would make a big issue about gambling, even order me to go to gamblers anonymous etc. but nothing was ever brought up and i never asked "why?" i guess if you must show your recent bank statement and that deposit happens to show up on the account than i think you would be alright to explain where that money came from and what it was for (save your receipts!)

good luck, catchmeifyoucan

[yomama]

Yep, we just filed, so yeah, they already have our financial picture. Okay, mum's the word unless absolutely asked any specific information. I'm really glad that the trustee didn't make a big deal out of the gambling. I know I'd have been nervous for sure...I get nervous about any little thing. This is a big step and when you think about the things that could go wrong, it's kind of nerve-wracking. We saved the copy of the money order and we saved a copy of our daughter's rent bill. To be exact, it was $1450, and her roommate pays the same amount. I guess if I were out ripping people off charging $2800 for a small college apartment for 4 measly months (and having 30 apartments yet at that), I'd be sitting pretty instead of filing BK, but then as they say, "You gotta have money to make money" and so since I/we never had much, it's kind of hard to get anywhere.