Paypal account question

[loser104]

May file ch.7 in october-ish. Occasionally I buy or sell things on ebay using paypal, sometimes I will go 6 months without any activity, sometimes I will buy or sell several items in one week. I just sold something for about $300 and I believe that money will stay put in my paypal account until I do something with it (ex.-debit card, checking transfer, spend it.....), not too sure though. Thinking about buying a small laptop (netbook) on ebay with that money, since my laptop died about a month ago, and my new job requires ALOT of travel, therefore a working, easy to carry laptop is needed.

Will the trustee look at this and frown because I am filing, yet I have funds to buy electronics??? I know that I can just transfer that money into my checking account and exempt it under my wildcard exemption, but I really would rather replace my laptop with it right now. I just don't want to do something that will jeopardize my case.

Really trying to do the right thing, and at the same time, NOT stop living.

[readytofile]

They are going to ask if you have bought or sold anything recently over a certain value. I forget what the value was. We had sold a camera and used the money to buy groceries and we told her that and she didn't seem to care. I'm not sure how they would feel about a laptop purchase though. You might want to ask your lawyer.

[LadyInTheRed]

As long as you don't buy it on credit, I think the only issue is whether you can exempt the computer under your state's exemptions. It sounds like you have a wildcard exemption you can use.

Also, my understanding is that a purchase 5 months before you file is not likely to cause problems.

[AngelinaCatHub]

If this laptop is low priced and about $300, you are good. It is easily explained as you did here.

I purchased a net-book for $250 and I purchased a wonderful e-machine laptop for the Mrs.

Wally World for $298 a while back. DVD player/burner, 3 gig ram, 17 inch screen, 250 gig HD, full KB, Internet of course and Windows 7 64 bit issue. A wonderful buy.

I don't know if they still are offering them. 'Hub

[Flamingo]

If there are funds in your PayPal account, disclose them to your attorney and explain at that time. Those are funds being held in a custodial PayPal account for your use and, therefore, is cash on hand for you. Paypal transactions are easily traced.

[AngelinaCatHub]

If there are funds in your PayPal account, disclose them to your attorney and explain at that time. Those are funds being held in a custodial PayPal account for your use and, therefore, is cash on hand for you. Paypal transactions are easily traced.

Sorry Flamingo, I meant to explain that too. ANY funds or accounts whether open or closed must be accounted for. From what you explained, the funds still may fall under her exemptions by State. 'Hub

[scorpion35]

i am in the same boat.
sold something on ebay for $3800 in december.
i have a paypal debit card i have been taking money from the paypal account and depositing it in my chase checking account to use on daily expenses .will i encounter any problems ?

[Amadan]

I had about $17 in my paypal account when i filed, and had sold about $1000 worth of stuff (collectibles) for around $400 out of desperate need for money, all within 30days of filing. I used the funds to pay for legal fees to get things started and for groceries and have receipts for all this.

I gave all the account info to the lawyer and he said the trustee wouldnt want it since it A) wasnt a business, and B) I made no income / sold items at less than I paid for them. I got nervous after reading on here that people have had issues come up with it, so i went ahead and paid the $26 fee to amend and add to my file.

I have just been trying to make sure nothing comes up that will jeopardize our filing.