PayPal

[tay666]

Was wondering if my PayPal account would be considered a bank account.
And should I even disclose that I have a PayPal account.
Then the Trustee would see I have been selling things off lately to keep paying for things like my wife's perscriptions, and other bills.

[demismom]

You know, I don't know. We use paypal for our eBay business and we pay taxes on our income from there, I didn't even think to include it as a bank account. Good question.

[tay666]

See, that just it.
I've used it for buying.
Just the past few months I started usingi it to sell stuff.
But I don't really have records of what I have sold. Or how much I originally paid for the items. Wasn't really planning on doing anything about taxes or such. (we aren't talking about a lot of money here).
But if it is in the BK records, could that raise the eyebrows of the IRS next year?

[CATCHMEIFYOUCAN]

I had Paypal along with a Paypal Visa. I included the PayPal Visa in my Bk because I owed on the Visa about $500. They automatically stopped me from accessing Paypal altogether!

Just adding my experience, CMIYC

[demismom]

CMIYC - when you say "They automatically stopped me from accessing Paypal altogether!" Do you mean Paypal? I've notified our Paypal Buyer Credit (GE Money) that we're filing Chapter 7 and I can still use my Paypal, although we take the money out as fast as we get it, so as not to give them a chance to take it.

We're so worried that if we don't agree to pay the Paypal Buyer Credit off after bankruptcy that they'll close our Paypal account altogether. Do you think they might?

[tay666]

I am sure they will.
They are not really a bank. And are not subject to banking regulations.
As far as I know there is nothing that says they have to allow anyone to use their service. They can cancel anyone's account for just about any reason.

[kcj]

My paypal account had a zero balance in the account and for buyer credit when we filed, so I didn't list it. Both survived the BK.

[demismom]

Well, we owe PPBC $1300 and included in our bankruptcy, but I did tell them on the phone we wanted to pay it eventually so we could still take Paypal as a payment option. Not sure if they'll go for that or not, or if we're even allowed to do that.

[CATCHMEIFYOUCAN]

CMIYC - when you say "They automatically stopped me from accessing Paypal altogether!" Do you mean Paypal? I've notified our Paypal Buyer Credit (GE Money) that we're filing Chapter 7 and I can still use my Paypal, although we take the money out as fast as we get it, so as not to give them a chance to take it.

We're so worried that if we don't agree to pay the Paypal Buyer Credit off after bankruptcy that they'll close our Paypal account altogether. Do you think they might?

I didnt owe any money on the Paypal account itself (one that acts like a checking/savings thing - I don't know what you call it!), but I had owed on their credit card they issued. So they blocked my account, oh well, I stopped buying stuff from ebay altogether.

Best Wishes, CMIYC

[CindyLou]

never mentioned my paypal account which included a debit card....I still have it. don't think it really matters...

[tay666]

My paypal account had a zero balance in the account and for buyer credit when we filed, so I didn't list it. Both survived the BK.

Mine will also have a zero balance when we file.
And instead of transfering the funds I am generating to my checking account, I am going to have them send me a check instead.
That way the trustee won't see deposites from paypal when they look at my bank statements.

[demismom]

Mine will also have a zero balance when we file.
And instead of transfering the funds I am generating to my checking account, I am going to have them send me a check instead.
That way the trustee won't see deposites from paypal when they look at my bank statements.

Won't they see the card on your credit card report, or do you just have a paypal.com account? Because from what I understand, you can't have a Paypal Credit Card without having first had a paypal.com account, so they might ask you about it anyway.

[tay666]

I just have an account.
No card at all.

[demismom]

Then you might be okay then, there's no "credit" involved.

[NASCAR20FAN]

Was wondering if my PayPal account would be considered a bank account.
And should I even disclose that I have a PayPal account.
Then the Trustee would see I have been selling things off lately to keep paying for things like my wife's perscriptions, and other bills.

NO NO NO! Do not use PAYPAL as a savings account it is not FDIC insured! I have 3 banks that I have savings accounts with that are

Emigrantdirect
HSBC
Capital One