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Should a PayPal account be listed - as a financial account - in filed Schedules ?

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  • Should a PayPal account be listed - as a financial account - in filed Schedules ?

    Hello to all here!

    I have 10 days until my 341 meeting.

    Does anyone know if it could/might be a problem that I forgot to list $83.00 (in my PayPal account), on my Schedules B & C ? Which of course also affects the total on my 'Summary of Schedules'.

    Has anyone heard of a Trustee asking about PayPal accounts, at 341 meetings? If so, does anyone think (an $83. PayPal acc.) is worth amending my Schedules over?

    If I add the $83. Paypal acc. info. to my B, C, and Summary Schedules... I need to do it today, and file it tomorrow, as I'm also making a few amendments to some omitted tax info., on the same Schedules, etc. (that I just included with the required info. mailed to my Trustee, yesterday).

    Or, is a 'PayPal account not considered an additional 'other Financial Accounts' (as per 'Type of Property' #2 on Schedule B - Personal Property)?

    Thanks so much, if anyone can help with this Paypal question !! ;)
    Last edited by bianci; 08-04-2013, 02:19 PM.
    Chapter 7 Filed ~ Pro Se — 7-10-2013
    341 Meeting ~ Pro Se — 8-14-2013
    . . grateful to now be a '60 Day Club' newbie!

  • #2
    My lawyer required me to list my paypal account, even though it had a zero balance. He placed it in the same section as savings & checking accounts.

    It is an asset and I would list it if I were you, especially since you are amending your petition anyway.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

    Comment


    • #3
      Or, is a 'PayPal account not considered an additional 'other Financial Accounts' (as per 'Type of Property' #2 on Schedule B - Personal Property)?
      Regardless of how you want to categorize it, it is an asset that should be reported. It's money in an account. Why would it not be considered a financial account?

      Even if you weren't already amending your schedules, I'd say you should amend or at least tell the trustee about the account at your 341. Since you are already filing amendments, it's a no brainer. Add the account and exempt it if you can.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        bianci, this really isn't a 341 question, so I moved your thread to the pro-se filing forum. Not to say a pro-se filer should always post in this forum. But, keep in mind that there are certain knowledgeable members who may go directly to the pro-se forum because they make it a priority to help people who don't have an attorney to turn to.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

        Comment


        • #5
          Originally posted by TXskyblue View Post
          My lawyer required me to list my paypal account, even though it had a zero balance. He placed it in the same section as savings & checking accounts.

          It is an asset and I would list it if I were you, especially since you are amending your petition anyway.
          Thank you, TXskyblue! ;-) That's what I was planning on doing and have now done, as I've been supposing that to be the case.
          Really appreciate your help! ;-)
          Chapter 7 Filed ~ Pro Se — 7-10-2013
          341 Meeting ~ Pro Se — 8-14-2013
          . . grateful to now be a '60 Day Club' newbie!

          Comment


          • #6
            Originally posted by LadyInTheRed View Post
            bianci, this really isn't a 341 question, so I moved your thread to the pro-se filing forum. Not to say a pro-se filer should always post in this forum. But, keep in mind that there are certain knowledgeable members who may go directly to the pro-se forum because they make it a priority to help people who don't have an attorney to turn to.
            Agree, LadyInTheRed, and thanks as well for your prompt help & advise. Really really appreciate you reminding me about this 'ProSe Filing' sub-forum, as I've yet only been posting in the Chapter 7 forum, to date, and just beginning to read some threads in the 341 sub-forum.
            • Amended taxes, vehicle value and added the PayPal to Schedules B & C (which I was planning on doing, and thanks again for your & TXskyblues' concurring).
            • Amended auto value on Schedule D
            • Amended B7 - Statement of Financial Affairs
            • Amended Summary of Schedules * (reflecting changes to Schedules B, C, & D)
            • Amended Declaration Concerning Debtor's Schedules - (date)


            * Question on 'Summary of Schedules' --
            Should the first two columns get basically copied over to the new amended SoS (form B6 Summary)? Or, should I just fill-in/note the Schedules...that I'm amending - in the 1st (Attached, Yes/No), and 2nd (No. of Sheets) columns? Hope that makes sense.
            Last edited by bianci; 08-04-2013, 07:43 PM.
            Chapter 7 Filed ~ Pro Se — 7-10-2013
            341 Meeting ~ Pro Se — 8-14-2013
            . . grateful to now be a '60 Day Club' newbie!

            Comment


            • #7
              My attorney required me to list mine - I also included my statements.
              Chapter 7 filed: 5/12/13 (over median - no asset) | 341 Hearing: 6/12/13 (Bass & Associates appeared for Best Buy) | Report of No Distribution: 6/12/13 | Discharged 8/18/13 | Case Closed: 8/18/13

              Comment


              • #8
                I didn't include mine. Although it did have a 0 balance at the time.

                Comment


                • #9
                  In short.. yes. List Paypal. I had to in my filing per my attorney. Gave them 6 months of activity statements even though there was never any real transactions listed... NOTE: mine also had $0 balance, but was listed anyway. If it is somewhere where you can conduct financial transactions, then list it.

                  Comment


                  • #10
                    I ran into a small thing that was not listed on my petition that needed to be addressed and my lawyer said that we would address it at the 341 meeting. When asked if everything was listed and truthful, I informed the trustee about this matter (under $100.00) and the trustee just smiled, said thanks for letting them know, and we just moved along.

                    In my case, it was no big deal.......
                    All information contained in this post is for informational and amusement purposes only.
                    Bankruptcy is a process, not an event.......

                    Comment

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