pay pal accounts

[josephga]

how safe is it too keep your money stashed in a pay pal account?

[backtoschool]

It's considered a cash asset and must be exempted as a cash asset, but it is as "safe" as keeping it in a bank account. If you are referring to trying to hide money from the trustee there, that is fraud and is a crime as well as a reason for dismissing your bankruptcy permanently.

[josephga]

nope i wasn't going to hide it in bankruptcy. i was wondering if the credit card company was too sue could they freeze a pay pal account

[backtoschool]

nope i wasn't going to hide it in bankruptcy. i was wondering if the credit card company was too sue could they freeze a pay pal account

Ah, ok.

It would be harder for a creditor to find your money in a paypal account than a regular bank account. The money is not really in a bank account, ie, it is not insured, but it is tiedd to your social security number. You could probably park some money there and draw off it with a paypal debit card for awhile. At some point they might find it though, in a skip trace search since the account is tied to your social security number, but it would take them awhile. Paypal can freeze the funds for many reasons. They freeze funds all the time for ebay disputes, etc, and could freeze the funds if the collector sends them a judgement, and notice to garnish account etc....

[josephga]

if they freeze a checking account dont they have to sue and take you to court first? which you could yank it out b4 your court date?

[backtoschool]

if they freeze a checking account dont they have to sue and take you to court first? which you could yank it out b4 your court date?

Yes, they will have to sue and get a judgment before they can freeze your bank accounts or paypal account. You will get served papers and have a count date, etc so you will know it is happening.

[sofargone]

I had my Paypal account frozen. Someone sent me a deposit of $1,000.00 and Paypal said it was suspisious so they froze the account. They asked for all kinds of information that was impossible to come up with in order to unfreeze the account. It was a nightmare! I would not put a whole lot of money in paypal, there is a big chance of losing it. Do a Google search of Paypal complaints..

[nervous1]

Ah, ok.

It would be harder for a creditor to find your money in a paypal account than a regular bank account. The money is not really in a bank account, ie, it is not insured, but it is tiedd to your social security number. You could probably park some money there and draw off it with a paypal debit card for awhile. At some point they might find it though, in a skip trace search since the account is tied to your social security number, but it would take them awhile. Paypal can freeze the funds for many reasons. They freeze funds all the time for ebay disputes, etc, and could freeze the funds if the collector sends them a judgement, and notice to garnish account etc....

Paypal is not tied to your SSN. I have a PP acct....never give them my SSN.

[backtoschool]

Paypal is not tied to your SSN. I have a PP acct....never give them my SSN.

A confirmed paypal account will be tied to a bank account, and the bank account will be tied to your SSN.

[nervous1]

Okay...just went to my PP account to verify.

They do not have my SSN.

You *can* give it to them (I guess for verification purposes/confirmation or something), but I would NEVER EVER give it to them.

[josephga]

I think if you want to withdraw more than a certain amount they ask for the ss. i think they want in case you participate in some of their other programs like money marketing accounts or something. years ago i use to be a ebay seller back in the late 90's and had as much as 5000.00 in mine at once with no problem, last year after i found out i had ms some people gifted me donations into pay pal, and i never had a issue.