paypal account

[glc4122]

yes, i have a question about having a paypal account. i use it to pay more securely online. does this account have to be listed as a bank account on my petition. i have a zero balance. and if i forgot to list and trustee finds out from purchases from my from bank statements can this be amended or will i be scrutinized. i used it occassionaly for online purchases and never had a balance only transfer point for items purchased.

[Flamingo]

Do a search on here. Over the past several months, there has been much discussion concerning Paypal accounts. Note a Paypal account is not a bank account; it is a custodial account (as it describes itself in it's online documents/statements) although it is linked to one of your bank accounts to actually be of use to you. If there are funds in there, they are considered available funds to you.

[PoorGrammyinBK7]

zero balance?

so does it have to be an absolute "0" balance to not list it? I think there's about $2.40 in mine - will I have to list it -- or get it down to zero?

[glc4122]

thanks for the reply, would i have to mention it or not since no money in it

[AngelinaCat]

yes, i have a question about having a paypal account. i use it to pay more securely online. does this account have to be listed as a bank account on my petition. i have a zero balance. and if i forgot to list and trustee finds out from purchases from my from bank statements can this be amended or will i be scrutinized. i used it occassionaly for online purchases and never had a balance only transfer point for items purchased.

That is exactly what we have used our account for. We did not declare it as it has almost always been at a zero balance. Now that said, our attorney did not do a very good job of educating us in what we should have declared or not declared.

The one time that it had $5,000.00 in it from a property sale on eBay, which lasted no more than 24 hours before it got transfered elsewhere. If you will search our nicknames, AngelinaCat, and AngelinaCatHub, you will find our problems regarding the mortgage note that the $5K transfer was involved in, which resulted in a Rule 2004(b) Examination. The Examination revealed the existense of the Paypal account, but nothing was said about that.

I believe that your Paypal account is probably okay--just as long as you have not done big ticket items.

[glc4122]

thanks for the info

[Flamingo]

If the balance is zero, there is nothing to list. However, if you file Chapter 13 and want to use the account to sell items on eBay that could be considered doing a business (not like selling items now and then; i.e., outgrown kids clothing, etc.), check with your attorney before proceeding inasmuch as attorneys and trustees both are well aware now of Paypal accounts.