Amanda Bynes reportedly being treated for schizophrenia

Amanda Bynes in 2009

Reports out of Hollywood suggest that the cocktail of meds being given to Jewish actress Amanda Bynes for a diagnosis of schizophrenia appear to be working.

The 27-year-old actress, whose maternal grandparents are from Toronto, was hospitalized after allegedly setting a fire in a neighbour's driveway last week in Thousand Oaks, Calif.

Meanwhile, her mom has filed a petition to take control of her daughter's finances and personal affairs in order to ensure that the Hairspray star continues to take her medication and get long-term care.

Bynes' mother says her daughter is paranoid and believes she's being watched, adding that she used to cover the smoke alarms in the family home with towels because she feared cameras were spying on her.

Her parents also say she's spent more than $1 million of her $4-million fortune in a short period.

Despite the good news on the medication front, Bynes was reportedly scheduled to appear at a hearing today in Ventura, Calif., to contest her forced hospitalization, which a judge had extended by 14 days last week.