prepaid walmart card

[drowningNdebt]

does a prepaid walmart debit card have to be mentioned if at time of filing it was 0 balance? i load it every now and then to pay bills like car insurance, etc. my dad gives me cash for this since im unemployed.

[liz417]

I wouldn't think it would have to be since it's not a "real creditor"....

[pookieny]

No, just don't have anything on it when you file.

[SURV69]

There actually might be a more "complicated" answer to this question.

The card is worth NOTHING if WalMart goes out of business and some cards are worth NOTHING if you don't use it in a timely manner.

This makes me wonder how value is assigned to these "gift cards".

Hard money has the backing of the US Government an money in banks are insured. Both of these forms of money are guaranteed.

I also thought that a gift-card is an item you get(or give) AFTER the money's been spent. In other words that the card represents money that's already been spent at that store or resturant(sp).

IN SHORT . . . it might be different than cash.

[IBroke]

There actually might be a more "complicated" answer to this question.

The card is worth NOTHING if WalMart goes out of business and some cards are worth NOTHING if you don't use it in a timely manner.

This makes me wonder how value is assigned to these "gift cards".

Hard money has the backing of the US Government an money in banks are insured. Both of these forms of money are guaranteed.

I also thought that a gift-card is an item you get(or give) AFTER the money's been spent. In other words that the card represents money that's already been spent at that store or resturant(sp).

IN SHORT . . . it might be different than cash.

I think the OP was talking about Wal-Mart's DEBIT-, not gift-card..

[SURV69]

I never realized there was such a thing as a WalMart debit card and assumed it had to be a gift-type card.

If it's truly a debit card, I wonder if it has to be listed as an account? Like a banking account.

After all, a debit card would be person specific, in that a particular, identified person is authorized to use it, which means the funds have to be held in some sort of account for that particular person to use though the use of that particular card.

I also wonder if it's a debit card, if it's replaceable upon loss or if it becomes unusable, which further makes me wonder if it's more like a bank account.

Whereas, I think a gift-card is money "legally", already spent, is not person specific and does not involve an account that holds money for that value, for that person who owns that card. If a person loses a gift-card, I think the monetary value is also lost to whoever finds it.

[drowningNdebt]

As my attorney put it:

If the card has any money on it at time of filing it is an asset.

If the card is zero'd out it is nothing. No debt or asset, so leave it off the petition.

[SURV69]

I agree that a gift-card would be an asset, but would it be an asset the same as money?

After all, the card is not useable "anywhere", but rather, only at specific places and often which pre-conditions which could actually render the card useless after a passage of time.

I see a gift-card as being something one buys, and then one redeems it in trade.

SO . . . if it were a steakhouse gift-card for $50, is it a $50 asset or is it a $50 meal? Especially those cards(most cards), that indicate the card has no cash value and can't be "cashed-in".

From what I gather, a $25 gold piece is officially(by the government) recognized as having a face value of $25, even though gold is at about $1000 per ounce right now.

[drowningNdebt]

As far as gift cards are concerned I wouldn't think they would even needed to be listed. I mean there is no trail that the gift card is in your name. It pretty much is bought at the store and then given to the individual to shop there. No social security, name, address, ah you get the point.