question about loan repayment made TO me

[sillywalks]

I was reading the page from a link about what trustee's question on the means test. It mentions that loan repayments should not be listed under "Income, other". I receive $150 a month from my ex per our divorce agreement -- do I not have to count this as income? I guess, technically, it's not...and it would be great not to count it!

Anyone know if this is true for Schedule I as well?

[tcreegan]

Hi sillywalks,

Child support/alimony/spousal support go on line 8 of the means-test and line 10 on Schedule I

Confused about the loan repayment part....the 'per divorce agreement' sounds like spousal support/alimony

Did you loan ex some $ and its getting repaid?

Tom in Colo

[sillywalks]

Hi sillywalks,

Child support/alimony/spousal support go on line 8 of the means-test and line 10 on Schedule I

Confused about the loan repayment part....the 'per divorce agreement' sounds like spousal support/alimony

Did you loan ex some $ and its getting repaid?

Tom in Colo

It is not spousal support/alimony. Basically, a few months before we separated, I borrowed $30K from my inheritance to pay HIS school loans (because he was not working and we were struggling) with the agreement that he would repay it if anything happened (like divorce). Of course, he 'changed his mind' when we did divorce. He agreed to repay part of that amount (because I had nothing in writing and could not afford the time/energy to sue him) -- anyway, he is paying it back $150 a month as a 'loan repayment'.

So, as a loan repayment, do I have to put it as an income source on the means test and/or schedule I?

[tcreegan]

...ahhhh...it is an actual loan repayment...and so launches you into the wild gray yonder...

Reasonable person would not take a loan repayment as income.

US Trustee has "does not include loan proceeds" under line 10

http://www.justice.gov/ust/eo/bapcpa/docs/ch7_line_by_line.pdf

If it is a voluntary agreement and he might flake out on it, you could put it on line 17 of Schedule I and explain it.

Personally I would leave it out but be ready to include it just in case....

Tom in Colo

[sillywalks]

...ahhhh...it is an actual loan repayment...and so launches you into the wild gray yonder...

Reasonable person would not take a loan repayment as income.

US Trustee has "does not include loan proceeds" under line 10

http://www.justice.gov/ust/eo/bapcpa/docs/ch7_line_by_line.pdf

If it is a voluntary agreement and he might flake out on it, you could put it on line 17 of Schedule I and explain it.

Personally I would leave it out but be ready to include it just in case....

Tom in Colo

Ah, the lovely gray morass...I'm with you -- I'll not include it and see what happens! Thanks, Tom.

I hope you have had a peaceful holiday and a happy new year!