Ebay/PayPal Account ?

[technoreid1]

Going to 341 meeting in a few days.... Since my BK filing about 30 days ago I had $0 in my paypal account - now have about $500 cause I sold some stuff that was lying around the house on ebay.....


asked my lawyer if I have to "declare" it or if it needs to go in any BK paperwork.... asked me what did I havein my paypal at time of filing which was 0......


said don't worry about it...... thid sound right?


thanks, tech

[dp1969]

You are swearing under oath (when signing you petition) that everything is true. So, you had $0 and that's the truth. Doesn't matter what happens after you file.

We stated we only had $500 (checking/savings) and after we filed we stopped paying our mortgage. At time of 341, we had about $5000k. Nothing was said.

[JRScott]

You paypal account balance at the time of filing is important. It's balance now is not. (So long as you didn't sell any non exempt property).

[technoreid1]

How come it does not matter what I have after filing?

Does that also mean if I file my 2007 taxes after filing the BK any income tax refund that I might have gotten "Doesn't matter"??

Guess I am a little confused???

thanks, techno

You are swearing under oath (when signing you petition) that everything is true. So, you had $0 and that's the truth. Doesn't matter what happens after you file.

We stated we only had $500 (checking/savings) and after we filed we stopped paying our mortgage. At time of 341, we had about $5000k. Nothing was said.

[diviaruba]

Well, there's the rub. The 2007 income taxes are on pre-petition income, as would be any associated refund.

[rfassett]

diviaruba is absolutely correct. It does not matter WHEN you file your tax return, the taxes were incurred (or not) in a period specific. Having a refund due you at the time of filing your BK (whether you had filed your tax return or not) is no different than having money in the bank at the time of your BK filing.

[dp1969]

That's why they ask for your taxes at the time of filing. They want to see if you have a possibility of receiving a refund for the past year that could be used to pay creditors. It really depends on your trustee...ours wasn't concerned with it. We have already received our refunds and they are gone (medical deductibles and needed repairs). Our trustee declared us no asset the day after our 341...he was done with us.
The refund is something they (by previous returns) can gauge whether or not you might be receiving something. I think because we were surrendering our home, the trustee didn't question it. I truly believe it says a lot regarding your financial ability to pay back creditors but that's just me. We got lucky.

[technoreid1]

We are in the same situation... we are surrendering our home. I would hope the whole "situation" comes in to play.....
especially with someone losing their home.


thanks, techno

That's why they ask for your taxes at the time of filing. They want to see if you have a possibility of receiving a refund for the past year that could be used to pay creditors. It really depends on your trustee...ours wasn't concerned with it. We have already received our refunds and they are gone (medical deductibles and needed repairs). Our trustee declared us no asset the day after our 341...he was done with us.
The refund is something they (by previous returns) can gauge whether or not you might be receiving something. I think because we were surrendering our home, the trustee didn't question it. I truly believe it says a lot regarding your financial ability to pay back creditors but that's just me. We got lucky.