Paypal account & bankruptcy

Written by brock cooper
  • Share
  • Tweet
  • Share
  • Pin
  • Email
Paypal account & bankruptcy
You can most likely keep your PayPal account during bankruptcy. (money, money, money image by easaab from Fotolia.com)

PayPal has become a popular way of sending and receiving money over the Internet, but it cannot be forgotten when declaring bankruptcy. This will only lead to more trouble.

Other People Are Reading

History

PayPal became popular after its founding in 1999 as an easy and secure way to pay for items on online auctions sites like eBay. It has since grown to one of the most popular ways to send and receive money via the Internet.

Bankruptcy

When you declare bankruptcy, you are required by law to declare all sources of income and places where you have money. That includes bank accounts and online accounts like PayPal.

Significance

If you choose to not declare the money in your PayPal account and if the courts or your creditors find out about it, you could face additional court dates and criminal action if they decide you did it on purpose to hide money.

Benefits

It is likely the money in your PayPal account will not be much of a factor in your bankruptcy unless you use it as your primary place to store your funds. It may be used in factoring how you will pay back your debts.

Considerations

If you need to pay a monthly payment for your debts following your bankruptcy, then you may choose your PayPal account as the primary way to pay that debt.

Don't Miss

Filter:
  • All types
  • Articles
  • Slideshows
  • Videos
Sort:
  • Most relevant
  • Most popular
  • Most recent

No articles available

No slideshows available

No videos available

By using the eHow.co.uk site, you consent to the use of cookies. For more information, please see our Cookie policy.