PayPal and Bankruptcy

spidy · 07-17-2009, 06:59 PM

Has anyone here been forced into bankruptcy and lost their PayPal account as a result? I am trying to figure out if I will be exposed and what my options may be in the event I lose my PayPal accounts. Would appreciate private responses only please. Thank you.

timpears · 07-17-2009, 07:13 PM

I am not sure why you would lose your account if you were going into bankruptcy. I don't really understand your question.

Any money that you have in it is an asset, and must be disclosed in your filing, and if the trustee directs you to use money from that account to pay creditors, that would have to be done. But there is no reason that the trustee or PayPal would close the account on you.

Please understand that I am not a lawyer and this is personal opinion. This is a question that should be directed to legal council. But you asked, and I tried as best as I can to give you my honest opinion. Again, this is not legal advice. Please seek legal council for legal advice.

07-17-2009, 06:59 PM	#1
spidy Copywriter & Designer War Room Member Join Date: Jun 2005 Location: Tulsa, OK , USA. Posts: 111 Thanks: 0 Thanked 0 Times in 0 Posts	PayPal and Bankruptcy Has anyone here been forced into bankruptcy and lost their PayPal account as a result? I am trying to figure out if I will be exposed and what my options may be in the event I lose my PayPal accounts. Would appreciate private responses only please. Thank you.
	One Stop Shopping: Copywriting and Web Site Design under one roof! http://www.stevenschneiderman.com

07-17-2009, 07:13 PM	#2
timpears Senior Warrior Member War Room Member Join Date: Jul 2008 Location: Vancouver, WA, USA. Posts: 3,369 Thanks: 288 Thanked 527 Times in 380 Posts	Re: PayPal and Bankruptcy I am not sure why you would lose your account if you were going into bankruptcy. I don't really understand your question. Any money that you have in it is an asset, and must be disclosed in your filing, and if the trustee directs you to use money from that account to pay creditors, that would have to be done. But there is no reason that the trustee or PayPal would close the account on you. Please understand that I am not a lawyer and this is personal opinion. This is a question that should be directed to legal council. But you asked, and I tried as best as I can to give you my honest opinion. Again, this is not legal advice. Please seek legal council for legal advice.
	Tim Pears Niche blog, insurance, for sale. Plr rights. High CPC, plus low competition key words. Check it out here for just $19.