I know that SSDI is considered an exempt asset and have listed it. However, I am now in the process of filling out the income and financial affairs forms. My daughter is 18 and still a student, so continues to receive SSDI until May 2005, at which point she'll lose it. Up until she was 18, her check was automatically deposited in our (husband and I) account and all went for expenses; she received a small allowance each week.
Now that she's 18, however, her check goes directly to her. She deposits her entire check of $442 into our check account but we only use about $200 of it towards household expenses now. Throughout the month, we turn around and reimburse her the remaining portion in cash via ATM visits. It's a win-win situation for everyone because it gives us a larger lump sum for the rent and light bills, plus keeps her from spending everything at once.
Because she does an incredible amount of work around the house (above and beyond what most kids would do) and also in caring for me -- and we do claim her as our dependent on taxes at this point -- we don't even like having her pay towards expenses. Legally, the $442 is her money, not ours, except for what she decides to gives us. If I had known we were going to definitely file for bankruptcy, I'd have been more careful about getting receipts and documenting everything or not have deposited her money into our account at all. Right now, though, our bank account is a mess, our check register was lost when the hard drive crashed last week and trying to go back to document everything is going to take too long -- I have to submit my schedules and financial statement on 10/31.
We filed in Texas on 10/14. At this point, how should I list her income? As the full $442 and include her "allowance" as an expenditure? As $220 or so and explain about her income and that we reimburse her throughout the month? If so, where do I do this and then would she be considered an "insider" and would we have to list her as a debtor??
Thanks in advance for any suggestions!
Now that she's 18, however, her check goes directly to her. She deposits her entire check of $442 into our check account but we only use about $200 of it towards household expenses now. Throughout the month, we turn around and reimburse her the remaining portion in cash via ATM visits. It's a win-win situation for everyone because it gives us a larger lump sum for the rent and light bills, plus keeps her from spending everything at once.
Because she does an incredible amount of work around the house (above and beyond what most kids would do) and also in caring for me -- and we do claim her as our dependent on taxes at this point -- we don't even like having her pay towards expenses. Legally, the $442 is her money, not ours, except for what she decides to gives us. If I had known we were going to definitely file for bankruptcy, I'd have been more careful about getting receipts and documenting everything or not have deposited her money into our account at all. Right now, though, our bank account is a mess, our check register was lost when the hard drive crashed last week and trying to go back to document everything is going to take too long -- I have to submit my schedules and financial statement on 10/31.
We filed in Texas on 10/14. At this point, how should I list her income? As the full $442 and include her "allowance" as an expenditure? As $220 or so and explain about her income and that we reimburse her throughout the month? If so, where do I do this and then would she be considered an "insider" and would we have to list her as a debtor??
Thanks in advance for any suggestions!