Expert: Terry Leeders - 2/25/2009

Question
Re: income for ch 7  I have household of 4 - myself (not employed & receiving monthly ss disability check), daughter (19 & coll stu. w/part-time job), son 18 (H.S. w/part-time job and receives monthly ss benefits as child on my record), and daughter 25 (col. grad w/ full-time job).  My 19 and 18 yr old are still my dependents so do I list their part-time incomes under household income and if so where?  I don't consider my 25 yr. old to be my dependent anymore (inc. tax purposes) but she pays $300 per month towards the rent and pays her own personal expenses. Do I list this as income to me and where or do I list her full earnings?  If I list it as income could I be in trouble for not claiming it on my taxes as income? Could I just list her as a roomate contributing $300 towards monthly expenses? Also do I need to list me and my sons monthly ss checks as income and where? Lastly, my 18 and 19 yr old both have saving accounts which are in their names but they are listed as "minor savings" accounts with my name on them because the bank required it as they were minors upon opening the accounts.  Although I don't own the accounts or have any interest in them (any monies in them belong to them from their savings) do I have to disclose these accounts as being mine or part mine and where. Do I list their personal property as mine even though they are 18 and over and I consider their possessions to belong to them? They will take with them when they move out and have even payed for most of it themselves.

Answer
The means test calculates all income for the household. You need to talk to a tax expert as to what needs to be disclosed to the IRS. Bankruptcy is public information, and the info there is filed, under oath.  If the asset is in your name, you may have to list it, but you would need to demonstrate that it is not part of the bankruptcy estate by showing the deposits of where the $ came from in your son's accts.  You only have to list your personal property.